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DigixDAO (DGD) Launching Digix GOLD (DGX)
We’ve seen DigixDAO (DGD) rising up a day ago when the majority of cryptocurrencies were going down with a troublesome situation on the market. Although DGD is now plummeting with the market even though it waved towards big gains, we are more interested in what is waiting for this token on tomorrow’s day when DigixDAO will be releasing its own golden tokens – Digix GOLD (DGX). Let’s see how we can benefit from April 8th and how will this date affect the further development of DGD and its token DGX.
DigixDAO and the Big Day
On March 26th, we’ve had the opportunity to pick up the announcement made by the dev team behind DGD, so we could all find out that DigixDAO will be releasing its golden tokens for live trading! This news was more than exciting as we have already mentioned it a couple of times as the date of the release was approaching. The interest in having DGX available for trading doesn’t only lie in the fact that DGX is set to hold a lot of value when being released. Moreover, the importance of having these golden tokens released for live trading gives a lot of opportunity for all investors that are set to invest in gold.
That’s right! As gold is considered to be the worthiest of all fiat values, in addition to also being the most stable fiat values available for trading and investing, there are lots of investors out there ready to make their move towards acquiring their piece of gold reserves.
However, investing in gold is not as easy as it seems. That is how DGX, Digix GOLD tokens, come into the game. With each DGX representing 1 solid gram of gold, each investor who buys one DGX token will be legally entitled to the gram of gold from the reserves kept safe in a vault in Singapore.
The dev team has added that they are planning on including more vaults in the near future that should be spread across the world, for a more functional system for gold investing.
At the current moment, we know that DGX can only be awarded to the users of DigixDAO tokens, however, as of tomorrow on April 8th, all investors will have a chance to join a live trading of Digix Gold tokens, which will in a way revolutionize the way people are investing in gold, making this type of investment far easier than the traditional gold investing.
It seems that the release of DGX for live trading will also benefit DGD as we have seen it rising 24 hours ago, probably due to the latest news regarding the release.
However, it may occur in this case that DGX will become a more valuable coin to hold given the fact that it represents solid gold. Not only that this token represents the most valuable fiat value, but it also means that thanks to the opportunity to represent gold, this token will most possibly acquire more stable pace of growth, making it more desirable for investors.
The golden tokens are also set to increase traffic to Ethereum as DigixDAO doesn’t have its own blockchain-based platform, but it exists in an ecosystem called Digix, which is set on Ethereum’s chains.
We’ve all seen how unstable cryptos can act in the market, dropping and rising without a warning – DGX might bring a refreshing change to the marketplace of cryptocurrencies.
How is DigixDAO doing at the Current Moment?
Even though we’ve seen an amazing rise in its price only a day ago, two days before the DGX would be released for live trading, it seems that DGD is plummeting with the market at this moment.
After the latest change in its price, DigixDAO fell by -2.49% against the dollar. In addition to this drop, DGD is also dropping against BTC and ETH, by -7.78 and -6.76%, while trading in the red.
This means that ETH and BTC are doing slightly better than DGD as these two currencies are also dropping with the latest change in the market.
At the current moment, DGD is holding the 31st place on the global coin ranking list and it can be purchased at the price of 216.98$ per one unit, which is still a pretty good value of the currency.
Although, given the fact that on March 1st, DGD’s value was marked at a record price of 553$ per one token, which means that this token almost lost more than 50% of its value in the course of only a month.
Will DGD be able to get back to its all-time high in the following months or it will continue to drop with the plummeting nearly-predictable market?
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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 and read our full disclaimer.
Image courtesy of Anderson Mancini via Flickr