Altcoins
Encrypgen (DNA) Nearing Another Major Milestone
Despite a short-lived Bitcoin surge above 4,000, the past few weeks and months have been a relatively quiet period in cryptocurrency. Given the lack of trading opportunities, traders should devote more of their time to researching strong companies that are on the verge of transforming industries. One such company is Encrypgen (DNA).
Encrypgen Value Proposition
Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This extra security provided by Encrypgen is extremely necessary given all the recent privacy issues that 23andMe and Ancestry have had. So rather than hand over control of your DNA to a testing company like 23andMe, consumers can safely upload and secure their raw data file with Encrypgen’s Gene-Chain.
The Gene-Chain went live late last year and has been a raging success thus far. With each passing day, additional data sets are being uploaded to the Gene-Chain. Once uploaded, researchers can purchase the data directly from consumers (with the consent of the consumer of course)!
Gene-Chain Emerges
Although many crypto companies have disappointed token holders during the past year, Encrypgen has done just the opposite. The company has done what no other company in its industry has and that is launch the world’s first genomic data marketplace. Since that announcement late last year, Encrypgen has continued to announce exciting news and major partnerships that will lead to increased usage of the Gene-Chain.
Impressive Partnerships
The first of those partnerships was announced in late 2018 with Murrieta Genomics. The second partnership was announced in early 2019 with viazoi. The partnership with viazoi is especially exciting as it will do a lot toward increasing the amount of data sets on the Gene-Chain. As the number of data sets increase, so too should the token price as researchers will be eagerly waiting to buy more data.
Given all the success that Encrypgen is having while so many other crypto companies are struggling in the current environment should give DNA token holders a lot of confidence. And that confidence will be bolstered even further as the company is nearing another major milestone.
Encrypgen Nearly Finished With ERC20 Integration
The initial premise of the Gene-Chain was that researchers would be able to buy DNA tokens directly on the platform in order to purchase genomic data. In order for that to happen, Encrypgen had to complete ERC20 integration. For those that don’t know, ERC20 essentially defines a common list of rules for all Ethereum tokens to follow. This ensures that Ethereum tokens of different types will work the same in any place within the Ethereum system.
The plan is for researchers to have two options in order to buy DNA tokens. The first, and primary option, is for researchers to purchase DNA tokens directly on the Gene-Chain for a small markup in token price. The markup would essentially allow Encrypgen to generate extra revenue in order to fund operations. The company would then go to the exchanges in order to “re-fill” its supply of DNA tokens. The second option is for researchers to purchase DNA tokens directly on the exchanges. The most viable option for that to occur was on Cryptopia but because of the recent exchange hack, that has had a bit of a delay. But, the good news, is that it looks like Cryptopia is getting closer to re-opening.
Conclusion
Although many companies have disappointed the market during the past year, it’s nice to see Encrypgen continue to make solid progress on its roadmap, just as it promised token holders. DNA is one utility token to keep an eye on as the future looks extremely bright!
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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 Tim Green via Flickr
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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