NEO price rallied Saturday to a more than three-month high against the dollar to $48.09, taking on 69% for the week. The gains can be attributed to recent speculation surrounding a potential NEO developer contest held in association with Microsoft. NEO has not confirmed any partnership with Microsoft.
Rumors over a potential collaboration between NEO and Microsoft for an upcoming developer contest kept the NEO price in a tight trading range. The rumored partnership remains unverified.
Regardless of whether the Microsoft rumors prove true, NEO will most likely hold onto its recent gains for a few more days, thanks to heavy 24-hour trading volumes estimated at $394,658,000 at the hour of writing.
Other developments might serve as a backdrop to NEO’s recent surge.
Dubbed “the Chinese ethereum”, NEO is a non-profit, community-based blockchain project. Formerly known as Antshares, NEO provides an advanced smart contract code which supports decentralized commerce, digital identities and the digitization of many different assets.