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DigixDAO (DGD): Going Up Despite Crypto Market Weakness

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DGD

If you take a look at DigixDAO price, you couldn’t tell that February 21st was simply an excruciating day for 90% of cryptocurrencies on the market. That was the case for all major tokens and coins, including Ethereum, LiteCoin, VeChain and Bitcoin that went down for -9% during a 24 hour period. The only currencies that remained immune to this massive drop were: Tether, Dent, and DigixDAO. That is why we have decided to take a look at DGD closely and see if we could figure out what will happen next with this currency.

What is DigixDAO?

DigixDAO was a part of Ethereum’s first crowdsale, where DGD was created as a part of a bright decentralized future in the terms of Ethereum economy. The crowdsale that was organized a while ago went pretty well as Ethereum managed to sell 5.5 million dollars of DGD in a period of only 12 hours. DigixDAO as such exists on Ethereum’s blockchain platform in form of a system called Digix. Besides from DigixDAO, Digix has another token within its system – DGX. DGX represents standard LBMA gold reserves. When owning one DGX, you actually own 1 gram of 99.99% LBMA gold. The gold is being kept safely in vaults and every DGX owner, owns gold as well. The ownership is legal and cannot be retrieved unless DGX tokens are sold to another owner. The system uses PoA, which is actually a Proof of Asset, which further confirms that the gold represented by DGX is owned by a DGX owner.

DigixDAO is a bit different from DGX although it reflects its value as this currency represents Decentralized Autonomous Organization – DAO. You can use DGD for paying fees, making transactions and pick up occasional rewards within the Ethereum ecosystem. This way, Ethereum is practicing new age economy through DGD and acquiring stability through DGD, given the fact that Digix is closely related to the value of gold.

How Come DigixDAO Remained Up?

When all other coins and tokens were going down two days ago, DigixDAO stood resistant and remained in the green while trading at over 315$ per one unit the entire day while all other currencies except for DGD, Tether and Dent remained up with initial rises in price that made them a true success of the day.

The reason for having DigixDAO immune to the latest massive falls in price might be the fact that this currency is closely related to the value of gold. Gold is one of the most stable values there is and people have been investing in it ever since they realized that trading can be done much easier with a determined value in oppose to natural trading where people would exchange goods for goods. People are still investing in gold, and Digix actually represents an easy way of acquiring gold and keeping it through a decentralized ecosystem.

This fact can easily be one of the main reasons why DGD remained up while other currencies were trading in red, some at unexpectedly low prices.

Where is DigixDAO at now?

After staying immune during February 21st when all other currencies were suffering from drops, only two days after DigixDAO is trading at 315.73$ per one unit. The mentioned price is the result of the most recent change in price since DigixDAO dropped against the dollar for -0.15%. The drop, even though it is there, did not seriously affect the price of DGD. In addition to having a fall against the dollar that didn’t go too far below, DGD is trading in green against BTC and against ETH, which are both falling down.

The total market capitalization goes over 600 million dollars and it is predicted that DGD will continue to rise, slowly but steadily although it had experienced a minor drop in the last 24 hours.

It can be expected that this currency will hold onto its stability since it is closely related to gold, so more and more gold investors are being attracted to invest in DGD as well. In case you are interested in investing in this currency, you can easily become a part of Ethereum’s Decentralized Autonomous Organization by purchasing DGD on Binance. In case DigixDAO would continue at the current pace, it could easily get close to Ethereum’s price during the next couple of months. This is the case because more and more people see a bright future in investing in gold that represents a stable value, through digital currencies.

We will be updating our subscribers as soon as we know more. For the latest updates on DGD, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of coinmarketcap.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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