NIL (Nillion) fell 49.21% in 24 hours

Gate News Bot news, on November 20, according to CoinMarketCap, as of the time of writing, NIL (Nillion) is currently priced at $0.11, having fallen 49.21% in the last 24 hours, with a high of $0.25 and a low of $0.09. The 24-hour volume reached $136 million. The current market capitalization is approximately $30.3 million, a decrease of nearly $29.3778 million compared to yesterday.

NIL recent important news:

1️⃣ Nillion announces migration to Ethereum network The Nillion team has announced a strategic plan to gradually migrate to the Ethereum network. This decision aims to expand the ecosystem of the NIL token and enhance its usability on mainstream blockchain platforms. However, the market has reacted quite violently to this news, which may lead to significant fluctuations in the short term.

2️⃣ NIL Token Contract Upgraded to ERC-20 Standard As part of the migration plan, Nillion will adopt a new ERC-20 token contract to replace the original NilChain network token. This upgrade will make NIL easier to integrate into various DeFi applications and services within the Ethereum ecosystem. Although this may be beneficial for the project's development in the long run, it may have raised concerns among investors regarding the token swap process in the short term, thereby affecting market sentiment.

3️⃣ Cross-chain bridge feature planned for release Nillion plans to launch a cross-chain channel to the Ethereum mainnet in February 2026, allowing users to seamlessly migrate NIL tokens from the Cosmos network to Ethereum. While this initiative offers holders more liquidity and use cases, the long implementation timeline may fail to boost market confidence in the short term.

From a technical perspective, the NIL price has experienced a significant pullback in the short term, likely related to profit-taking after the previous rapid rise. At the same time, the announcement of major changes to the project may have triggered market concerns about short-term uncertainty, leading some investors to choose to wait and see or exit.

This message is not investment advice; investors should be aware of market fluctuation risks.