The cryptocurrency market has been operating with rare stability in the last few weeks. However, some coins are seeing double-digit gains, as DigixDAO did recently. Although it is not registering a large trading volume, the cryptocurrency grew 20% in just a few hours.
DigixDAO Skyrockets 20%
DigixDAO (DGD) has experienced a very positive trend in the last days. According to CoinMarketCap, DGD moved from $39 up to $47.09 dollars. That represents an increase of 20%. After it, the currency remained stable.
However, this virtual currency has not experienced a noticeable surge in trading volume. At the same time, the project around DGD did not register any milestone or any special event. Nonetheless, it seems that the interest in this virtual currency is rising all over the world.
The trading volume registered by CoinMarketCap reached $4 million dollars on October 7. But clearly, DGD would need a higher volume if it wants to defend the position it has acquired now.
Most of the trading volume related to DGD comes from the popular exchange Binance. At the moment, Binance is the biggest exchange in the market. The exchange offers ETH and BTC trading pairs with DGD.
In general, when these pumps occur, the market rapidly corrects itself. And indeed, in the last hours, DGD dipped from $46.15 to $41.43 dollars. That means that it has lost 10% in just a few hours, as reported by CoinMarketCap.
Cryptocurrency investors are searching all the time good opportunities to invest funds. If there is volatility, this market would certainly attract several crypto enthusiasts.
The DigixDAO project is known as the Digix Decentralized Autonomous Organization. Users on the platform make choices on how to grow the Digix Global Economy. The native token of the platform is the so-called DGD. Token holders have the right to vote on different proposals related to governance on the ecosystem.
Back in May, the currency was trading for over $550 dollars and reached a market capitalization of $1.1 billion dollars.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.