Kusama (KSM) Is 30% Up Ahead of Its Parachain Auctions’ Second Batch

Kusama (KSM) is up by over 30% today. Currently, it is trading at $387.00 with a 24-hour trading volume of $1,106,482,685 at the time of writing. KSM price surged from around $298 on August 30 to over $415 today, September 1. It means it surged by nearly 130% in the last 2 days.

Currently, KSM is in bullish mode ahead of its parachain auctions’ second batch. According to data, the price surge is due to investors and traders buying KSM to engage in the coming auctions starting tomorrow.

Note that the first batch of 5 parachain slot auctions on Kusama was completed throughout June and July. More so, those parachains, along with the common-good parachain Statemine, have been working on Kusama since that time.

As per the Kusama team, the sixth parachain slot sale will start on September 1, at noon GMT. The team also added that this is to give the members of the Kusama community enough time to unstake KSM for their auction bids and participate in crowdloans.

Moreover, KILT seems to be ahead of others as the protocol already amassed 147K Kusama (KSM) worth $55M. As a result, they are likely to win the first auction. KILT is a blockchain protocol running in parallel within the Kusama and Polkadot networks. The protocol issues self-sovereign verifiable, revocable, anonymous credentials.

In addition, reports say that Calamari is currently pushing $30M, the second-highest bidder of the auctions.

The auctions begin back to back with a 2-day session of initial bidding followed by a 5-day ending period in the same way as to the first five auctions).