Powerledger’s price has surged more than 40% this week as social media conversation surrounding the energy trading platform grows.
Powerledger (POWR) was the second most mentioned cryptocurrency on social media in the last 24 hours, according to data from Santiment. In the 24 hours at press time, nearly 1% of cryptocurrency-related discussions on social media centered around Powerledger, with 57% conveying positive sentiments, 33% conveying negative sentiments, and the remainder were neutral.
This surge of interest is heels Powerledger has unveiled xGrid 2.0, an upgrade to its energy exchange network. The new version boasts a minimalist interface, improved tracking features, and improved energy trading flexibility. But this disclosure doesn’t seem significant enough to explain the surge itself.
Powerledger leverages blockchain technology to facilitate peer-to-peer energy trading. The platform creates a decentralized marketplace where individuals can buy and sell surplus solar, wind, or other renewable energy to each other.
Powerledger promises to reduce costs and democratize clean energy generation and distribution by removing middlemen from the equation. The Australia-based startup has already seen its platform implemented in a variety of pilot projects from Japan to the United States. However, as an emerging player in the blockchain sector, Powerledger still faces its fair share of obstacles and uncertainties.