DigixDAO (DGD) was brought in a particular focus on February the 2nd when this cryptocurrency was by chance the only digital coin experiencing increases in oppose to other coins having their prices wildly dropping. That is how Ethereum and Bitcoin dropped for 20% and 15% last Friday, while DigixDAO experienced a fantastic increase in price ranging over 50% in only a couple of days. This made us interested in trying to predict what kind of year 2018 will be for DGD.
A couple of words on DGD
Unlike many other tokens that are merely based on taking advantage of blockchain “formula” to get value out of nothing by simply waiting for the investors to get interested, DigixDAO places its value in gold. How come?
The gold market is currently worth 8 trillion dollars, which is a ridiculously high stake without any question. Now, because it is too risky and over-complicated to buy gold as an average person looking to invest money in something, DigixDAO has thought of a protocol that allows you to own 1 gram of 99% of gold help in the Singapore gold vault. We need to stress out the fact that this would only be made possible with having DGX launched. DGX should go hand in hand with DGD, and as such should have the ability to allow all holders to own 1 gram of gold per one unit of DGX, as well as allow all users holding and using DGX to take advantage of smart contracts within the Ethereum.
For now, secure transactions and indirectly owning 1 gram of gold per one unit of DGX, DGD is doing all the work in favor of DigixDAO.
DGD was involved in the first crypto crowdsale on Ethereum that went by as very successful. Apparently, the crowdsale managed to collect over 5 million dollars within a short period. This case conditioned DGD to get a status of a stable coin, which is probably the reason why DGD stayed immune to all decreases that all major coins went through in the past couple of weeks.
Where is DGD at now?
Not only that DigixDAO managed to stay safe from suffering from any decreases, even the slightest, but this cryptocurrency also had a major increase that went over 50% within a very short period. This increase led to the flattering price of over 300$. Currently, at the time of the writing and at the same time a week later since the original increase, DGD had a minor decrease of -2.9%. This decrease led to a current price of 291$ per one coin.
Although the combo of increases was broken with this nearly 3% of decrease, DGD is still on top of its game, having 2018 be the It year for DGD.
In case DGD would continue with performing as well as it is now, we can easily see this coin tightly running with Ethereum when it comes to price, although DGD has the 37th spot on the global coin list while Ethereum is holding the second place for quite some time now.
Ethereum and DGD are not competing of course – that would be ridiculous as Ethereum was in the first place responsible for the major success DGD made when it was first being sold on crowdsale. The mere fact that a large decentralized network such as Ethereum was eager to promote a small coin was one reason enough to sold 5 million dollars worth of DGD. Since Ethereum has the idea of creating a perfect economy ecosystem that allows easy transactions, stable value, and cost-effective purchases, DGD should help ETH achieve this idea by supporting DGX – a sibling token of DGD that should represent a stable value due to its close connection to gold. It is needless to say that this may be the number one reason why DGD remained stable even when ETH wasn’t able to.
What Is More Likely to Happen with DGD in 2018?
To be able to determine how well will DGD be doing in 2018, all investors should be keeping a close eye on gold and the way gold is performing. Since DGD was made to support investing in gold as an on-chain crowdsale, gold is the starting point of predicting how well will DGD do in the following months.
If we get back to the beginning of 2018, DGD was worth over 400$ per one unit, which made it one of the most interesting coins on the market. But, only a month later, its price fell to as low as 160$ per one coin. This decrease represented a major change that wasn’t viewed upon with approbation. However, during February the 2nd, this token had a major increase of 50% when all other coins were dropping with prices, which made holders restore their faith in DGD, also inviting new investors to join the DigixDAO and Ethereum community.
The initial decrease that occurred a day ago, on February 8th, reminded us that there is no such thing as a fully immune coin as all coins may drop right after the experienced increase, regardless of how high the changes in price are in the 24-hour volume.
Since the latest decrease didn’t go over 3%, there is still hope that DGD will remain as stable as possible during the following months. In case DGD would go through at least a couple for more increases in the similar or the same range as the last massive increase, there is no doubt that this token would then be directly competing with Bitcoin and Ethereum.
If you add the fact that gold is one of the most stable values there is and that DGD with the announced DGX is closely related to it, there is no doubt that DGD could end up as a huge success in the world of crypto values.
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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.
Image courtesy of coinmarketcap.com
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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.
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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%.
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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