The year 2022 has been marked with a series of upgrades and hard forks for many blockchains. The latest chain in town to implement a network upgrade and hard fork is the Neo blockchain.

The Neo Network is an open-source, community-driven blockchain platform that enables developers to digitize and automate asset management through smart contracts. In addition, it also provides robust native infrastructures such as decentralized storage, oracles, and domain name service.

According to an TestNet and MainNet upgrade notice published by the network on June 2, an upgrade known as the Neo CLI v3.3.0 T5 was planned for deployment on the Neo Chain at an N3 block height of 1,730,000. At the time of writing, the total number of blocks on the network amounted to 1,702,402.

Facts from CoinMarketCap revealed that the network’s native coin, NEO, has been struggling since hitting a record high of $196.85 four years ago. Now pegged at $9.03 each, it’s unclear if a network upgrade is enough to grab investors’ attention.

Let’s take a look at the performance so far this year.

Neo thing to write home about

The NEO coin, which trades at $9.02, is down 64% this year. At the beginning of the year, the price was set at $25.7. Hands exchanged at $9.02, during press time – the coin is down 95% from its all-time high of $196.85.

Now number 62 on CoinMarketCap’s list of crypto assets, NEO registered a market cap of $636.36 million at the time of writing. Starting the year with a market cap of $1.83 billion, it has also fallen 64% in about six months.

At the time of writing, the Relative Strength Index (RSI) stood at 35 in a downward curve. With the general market outlook and perceived lack of interest in the NEO coin, concerns for the coin may remain in the hands of the coin for a little longer.

Source: TradingView

Analysis on the chain

This year’s social performance was average. The currency’s social dominance peaked at 0.40% on May 9. However, at the time of writing, it was down 82%.

At the time of going to press, NEO’s social dominance was noted at 0.067%. Social volume also peaked at 378 on May 9, the highest reached this year. Interestingly, at press time, social volume was 60, down 84% from its May peak.

Source: Santiment

In terms of development, development activity on the network has been on a steady upward trend since the beginning of the year. It was spotted at 36 at the time of writing.

Source: Santiment

This post Neo Network: With this upgrade, NEO defies wider market sentiment

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