$CKB

CKB Price Rally Over???

I will tell you that if you're planning to buy CKB at this point, then you may have to chill a little.

CKB is entering into a major correction phase after the price surge!

There is no clear BUY ENTRY at the moment for the token!

Here is what we know so far about CKB:

CKB is the native token of Nervos Network, an open-source public blockchain ecosystem that aims to create a peer-to-peer crypto-economy network.

CKB stands for Common Knowledge Base, the base layer of Nervos Network that uses Proof-of-Work consensus and stores smart assets. CKB has multiple functions in the Nervos ecosystem, such as:

- A reserve asset on layer 2, where users can lock CKB to access layer 2 services and capabilities.

- A means of payment for block rewards, staking rewards, and transaction fees on layer 1.

- A resource management system that allocates network resources based on the amount of CKB held by users.

As of February 2024, there are about 43.5 billion CKB tokens in circulation, out of a total supply of 44.2 billion. The maximum supply is not fixed, as CKB has a dynamic issuance model that adjusts the inflation rate based on network activity. CKB's price has surged by over 100% in the past week, reaching a new all-time high of $0.014 on February 15. This price rally coincides with the launch of RGB++, an extension protocol that enhances compatibility and scalability with Bitcoin, and the presale of Bitcoin Dogs, the first BRC-20 token ICO on Bitcoin, powered by Nervos Network.

My take:

There is a future possibilities for the rise in price of CKB against USDT, however traders must wait until after the correction! Futures traders who wish to SHORT the trade can find a good entry and take a go at it!

Have a Great Day!