Connect with us

News

GeoCoin (GEO) Could Quickly Reach $20 From Here

Published

on

GeoCoin Image

GeoCoin (GEO) has been incredibly active over the last couple of weeks. The coin was trading at around $2.24 a piece at the start of January and by January 5 had risen to more than $16 a coin. Price in the wider markets collapsed at pretty much the same time that GEO reached these highs and this coin was on exception – GEO bottomed out at $5.23 on January 17.

From high to low, that’s a crash of close to 70%, in excess of even the biggest corrections from some of the larger coins.

As the wider market has started to recover, the question that many GEO holders are asking now (and, indeed, many market participants that are looking for trade opportunities and are thinking about picking up an exposure to this one) is, are we looking at the start of a longer-term recovery from here on out for GeoCoin?

Let’s try and answer that one.

GeoCoin is an interesting concept. It’s a cryptocurrency in the same way as something like bitcoin is, in that it’s designed to be used as a method of value exchange and storage, but it’s also designed to overcome some of the issues associated with the current established coins.

GEO Daily Chart

GEO Daily Chart

Primarily, and this is what we might call the coin’s lead differentiator, is that every coin that’s in circulation has an associated geolocation, accurate to within 11 square meters, on earth.

This is important for a few reasons.

First, it limits supply and, more importantly, backs up supply with something physical. The coinholders don’t own the land that its linked to, of course, but the fixed representation allows for the second reason this is important – pegging.

The coin can peg to the dollar or the euro or any other fiat currency and, in turn, is able to ensure a degree of low volatility – something that has become all the more relevant over the past few weeks as bitcoin and others have crashed.

This pegging isn’t in place yet (it’s on the roadmap for the entity behind the coin) but that it’s a possibility gives this concept real legs as far as long-term appreciation is concerned.

The coin is also distributed differently – it’s acquired by what’s called snapping, which is a system through which a user downloads an application, finds a coin through the map interface and then sends a request to a satellite to acquire the GeoCoin. If it’s available (i.e. no one has already acquired this same coin based on the longitude and latitude coordinates), it’s transferred to the wallet of the user.

So that’s what this coin is all about – let’s get to our initial question, what comes next?

This month, GeoCoin is going to transfer from its own blockchain to the Ubiq blockchain and, in doing so, become an ERC20 compliant token on the Ubiq network. This should add a much-needed degree of credibility to the project and we think that, in turn, it’s going to attract a wave of speculative interest into what’s going on at GeoCoin HQ.

Additionally, and importantly when it comes to these sorts of switches, the transfer to ECR20 is being supported by the major exchanges, most notably Bittrex, which is allowing for a direct 1:1 swap on any balances held at the exchange ahead of the transfer date.

All this is expected to take place on January 25, so we think that traders will likely pile into GEO over the coming few days in anticipation of the Ubiq shift bringing with it a wave of speculative interest in the coin and the company behind it.

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

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


Image courtesy of GeoCoin

Continue Reading
1 Comment

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

on

By

BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

Continue Reading

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

on

By

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…

Continue Reading

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

on

By

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

Continue Reading

Trending