CORE DAO’s native token, CORE, has experienced a significant surge of over 200% within a week, grabbing the attention of cryptocurrency investors. This surge has prompted an investigation into the factors driving CORE’s rapid growth and its implications for the wider cryptocurrency industry.
CORE operates as an L1 blockchain that supports the Ethereum Virtual Machine (EVM), allowing for the execution of Ethereum smart contracts and decentralized applications (dApps). Its native token, CORE, serves as both a utility and governance token for the Core network, facilitating functions such as paying transaction fees, staking, and participating in on-chain governance.
The recent price surge of CORE has astonished market observers, with the token’s value skyrocketing by an impressive 67.25% in just one day, reaching $2.75. This surge has propelled CORE to the 54th position in market cap rankings and has seen a 148.07% increase in trading volume in the last day alone, indicating heightened investor engagement and liquidity in the market.
At present, 875,161,702 tokens are in circulation, representing approximately 41.67% of its total supply of 2.1 billion tokens. With a fully diluted market cap of $5.78 billion, CORE’s potential market reach is substantial, boosting investor confidence and interest in the project.
Technical indicators also support the bullish sentiment surrounding CORE, with exponential moving averages (EMAs) for 50, 100, and 200 days signaling a bullish trend and the MACD line indicating a positive sentiment. However, the high RSI suggests that the asset may be overvalued, potentially leading to significant price fluctuations.
The recent surge in CORE’s price can be attributed to various factors, most notably the endorsement from Coretoshis Lab. This endorsement highlighted the involvement of over 100 crypto institutional investment funds planning to purchase and hold CORE in the current year, instilling confidence in investors and attracting attention to the project.
Furthermore, the Core Chain x Multibit/Bitstable: Core Journey Campaign, which launched on April 1, 2024, has also contributed to the positive sentiment surrounding CORE. This campaign offers participants a chance to win prizes by completing tasks on Taskonxyz.
In conclusion, CORE’s recent surge in price and market influence has garnered significant attention from investors and industry experts. With positive technical indicators and endorsements from influential players, the future looks promising for CORE as it continues to establish itself as a leading player in the cryptocurrency market.