The native token SKR of Seeker, which is under Solana Mobile, saw a significant increase on Monday, rising by over 110% from its intraday low point at one point. This upward trend occurred after the distribution of rewards related to “Seeker Summer”; as users began to receive their tokens, market attention and buying interest also increased accordingly.

Reward distribution drives buying orders

SKR The price rapidly rose from around $0.0107 to $0.03577. The article mentions that the direct catalyst for this increase came from the reward distribution and collection associated with the Seeker Summer event.

Usually, such distributions tend to bring downward pressure to the market, but this time, after the distribution, there was a stronger buying demand, which led to an increase in trading activity. As a result, SKR outperformed the overall crypto market significantly in a short period of time.

Nearly half of the supply is in pledge.

Another factor that attracts market attention is the tight supply of circulating tokens. Data shows that currently, there are over 4.93 billion SKR tokens in a pledged state, which accounts for about 49% of their maximum supply of 10.56 billion tokens.

This means that the number of tokens that can be freely traded on the secondary market is relatively limited. When demand increases sharply in a short period of time, and the available supply does not increase accordingly, price fluctuations tend to be more intense.

Trading volume increases, accompanied by short liquidation.

Within 24 hours, the trading volume of SKR increased by 622% to approximately 309.9 million US dollars. The rise in price, accompanied by an increase in trading volume, indicates that this upward movement was not driven by a small number of transactions, but rather by broader market participation.

The rapid rise also triggered concentrated liquidation by short sellers. In the past 24 hours, the total settlement amount for SKR was approximately 6.05 million US dollars, of which about 4.83 million US dollars were from short seller settlements, accounting for a high proportion.

After reaching a high of $0.03577, SKR has fallen back from its high levels, with the latest price being around $0.02751, indicating that some funds have begun to take profits. Overall, the distribution of rewards, the locking of pledged positions, and increased trading volume are the three main drivers behind this unusual movement in SKR.