Finding the next coin that can deliver 10x or even 100x gains is becoming increasingly difficult now that most of the projects have already gone through their phase of exponential growth. However, there are a few cryptocurrencies such as Quant which are proving that such gains are still possible.

Quant’s QNT has quickly gone up the ranks in the last few weeks and has so far managed to take up the 44^th position in the cryptocurrency market based on market cap. The coin is currently trading at $310 after dropping by 10.53% in the last 24 hours but it is still up by 65% in the last 7 days. The cryptocurrency has experienced a significant price correction after setting a new all-time high of $386.3 during yesterday’s trading session.

Source: Binance

Its price action in 2021 has been quite impressive considering that it traded as low as $11 earlier this year, which means that its price had rallied by more than 3,500% when it peaked to its ATH and by roughly 2,700% at its current price. QNT’s recent price correction has pushed down enough for it to be oversold, suggesting the likelihood for some upside from its current level.

What is Quant and why has it rallied so much this year?

Quant owes its rally this year to the hype around its network. It was founded by Gilbert Verdian who has an extensive track record and experience in multiple high-profile industries, both private and public. He was among the first people to identify the potential that blockchain has to offer including the potential challenges that they would encounter.

Verdian’s idea for Quant came up when he realized that institutions including governments would likely face challenges with their blockchains and would need to create new blockchains to meet their requirements. However, the process of creating a new blockchain would be expensive and Gilbert realized that the best solution to this problem would be providing a solution where blockchains can interact with other networks. This would allow them to leverage some of the benefits of the blockchain they interact with, and Quant was developed to provide the technology necessary for organizations to connect their applications to the blockchains that match their needs.

Gilbert launched Quant network during the 2017 crypto bull run as a blockchain operating system that is interoperable with all the blockchains. The network features the Overledger network where all the projects or organizations on the network run their applications and Overledger OS which is the interoperable blockchain operating system. The latter allows anyone to make multi-chain applications or Mapps.

The QNT token is an ERC token on the Quant network and it is the utility token that is used for payments in the Overledger market and also to pay for annual licensing fees. The token currently has a market cap of $3.7 billion, a low circulating supply at just over 12 million tokens, and a maximum supply of 14.6 million tokens.  The low circulating supply makes it an easy target for a price pump and it may have contributed to the token’s rally this year.

The limited supply of the token is likely one of the reasons for its massive demand and subsequently its robust price action. It’s recent listing on Binance may have further contributed to its strong price hike as it accessed more demand. The network could potentially help governments launch their own CBDCs and this might be a source of more demand in the future alongside institutional demand.