In the world of cryptocurrency market, only a few events grab investors’ interest, such as unexpected price surges. Like CORE DAO, the native token of the Ethereum Virtual Machine-compatible blockchain system Layer1, has been listed among the top cryptocurrency gainers. CORE has seen a remarkable 236% increase in just one week. Many are questioning what is driving this sudden upward trend. As we begin to analyze CORE’s market performance, we investigate the details of its recent increase, trying to understand the reasons behind its rapid growth and uncovering what this means for the overall cryptocurrency industry.

Market Performance of CORE DAO Price

At first glance, one cannot fail to notice an impressive increase in the price of CORE. The token’s price surged by an impressive 67.25% in just one day, reaching $2.75. This sudden increase in eyebrows leads to questioning the reasons behind this rapid surge.

Alongside its rise in value, CORE has also experienced notable growth in its market value, currently hovering around $2.41 billion. CORE holds 54th position in market cap rankings, according to CoinMarketCap, showing a significant market influence.

Trading volume for CORE has experienced an impressive increase of 148.07% in the last day, hitting $443.93 million, a crucial measure of investor engagement and market dynamics. Soaring trading volume indicates increased market liquidity and investor involvement, driving more speculation and momentum in CORE’s price fluctuations.

Understanding the token’s supply dynamics is essential for evaluating its long-term sustainability and capacity for continuous expansion. CORE has 875,161,702 tokens in circulation, equating to around 41.67% of its total supply of 2.1 billion tokens.

Furthermore, CORE’s potential market reach is considerable, enhancing investor confidence and interest due to its fully diluted market cap of $5.78 billion.

Why is CORE DAOPrice Rallying?

The recent surge in the price of CORE DAO, as highlighted by Coretoshis Lab, can be attributed to a confluence of factors that have ignited investor interest and speculation in the cryptocurrency. Coretoshis Lab serves as a catalyst for this surge, shedding light on potential developments that could drive CORE’s price to unprecedented heights.

The tweet stated that the news is considered very trustworthy, with more than 100 crypto institutional investment funds planning to purchase and hold CORE in the current year. The CoretoshisLab account also shared optimism about the token’s future, saying, “In the upcoming month, we will definitely reach the Moon.” In 2024 CoreDAO will experience tremendous growth that is beyond imagination.

Coretoshis asserts the high credibility of this news, indicating the involvement of over 100 crypto institutional investment funds poised to buy and hold CORE this year. The endorsement of institutional interest adds legitimacy to the narrative, instilling confidence in investors and attracting further attention to the project.

Corretoshis exudes optimism about CORE’s future trajectory, urging followers not to miss the opportunity for potential gains. References to “going to the Moon” and the promising prospects of CoreDAO in 2024 amplify the hype surrounding CORE, fueling FOMO (Fear of Missing Out) among investors keen on capitalizing on its upward momentum.

Explosive News

An anonymous person who does not want to reveal his name is preparing to push the price of #CORE to $100 before #Bitcoin halving.

The credibility of the news is very high. It is expected that 100+ crypto institutional investment funds will buy & hold $CORE… pic.twitter.com/zeE6R761lL

— CoretoshisLab (@Coretoshis_Org) March 29, 2024

 

What Next?

When looking at the chart data for CORE DAO price, various important technical indicators offer an understanding of its present market sentiment and possible price changes. 

To begin with, the exponential moving averages (EMAs) for 50, 100, and 200 days all show a “Buy” signal, indicating a bullish trend in the asset’s price movement. These EMAs act as important support levels, showing where buyers may intervene to support the price.

Furthermore, the MACD line, which assesses the correlation between two moving averages, also indicates a positive sentiment of “Buy,” strengthening the optimistic perspective for CORE. This implies that the short-term moving average is exceeding the long-term moving average, showing bullish momentum.

Additionally, the RSI, which is a momentum indicator, is currently at a high of 93.98, indicating that the asset might be overvalued soon. Given these circumstances, it is likely that there will be significant price fluctuations as investors may choose to take short-term profits given the unpredictable nature of the market.

Understanding Core DAO (CORE)

Core (CORE) is constructed as an L1 blockchain that supports Ethereum Virtual Machine (EVM), enabling the execution of Ethereum smart contracts and decentralized applications (dApps). The “Satoshi Plus” consensus mechanism supports the Core network by combining delegated Bitcoin mining hash with delegated Proof-of-Stake (DPoS) for security. CORE is both the utility token and governance token of the Core network. Some of its functions are paying for transaction fees, staking on the Core network, and taking part in on-chain Core network governance.

The post CORE DAO Price Soared 250%; What’s Going On? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am