In the world of cryptocurrency markets, only a few events can interest investors, such as unexpected price spikes. Like CORE DAO, the native token of Layer 1, a blockchain system compatible with the Ethereum Virtual Machine, has ranked among the top cryptocurrency gains. CORE achieved a staggering 236% growth in just one week. Many question what is driving this sudden upward trend. As we begin our analysis of CORE's market performance, we examine the details of its recent rise, trying to understand the reasons behind its rapid growth and uncover what this means for the cryptocurrency industry as a whole.
CORE DAO price market performance
At first glance, it is impossible not to notice the astonishing rise in the price of CORE. The price of the token surged by 67.25% in just one day to $2.75. The sudden increase in eyebrows raised questions about the reasons behind this rapid surge.
As the value has risen, CORE’s market capitalization has also seen significant growth, currently hovering around $2.41 billion. According to CoinMarketCap, CORE ranks 54th in market capitalization, with significant market influence.
In the last day, CORE trading volume increased significantly by 148.07% to $443.93 million, which is an important indicator of investor participation and market dynamics. The surge in trading volume indicates increased market liquidity and investor participation, driving more speculation and momentum in CORE's price fluctuations.
Understanding the supply dynamics of a token is critical to assessing its long-term sustainability and ability to continue to scale. CORE has 875,161,702 tokens in circulation, which equates to approximately 41.67% of its total supply of 2.1 billion tokens.
Additionally, CORE's addressable market reach is quite large, bolstering investor confidence and interest due to its fully diluted market cap of $5.78 billion.
Why is the CORE DAO price rising?
As highlighted by Coretoshis Lab, the recent surge in the price of CORE DAO can be attributed to a combination of factors that have fueled investor interest and speculation in cryptocurrencies. Coretoshis Lab acted as a catalyst for this surge, revealing potential developments that could push the price of CORE to unprecedented heights.
The news is considered so trustworthy that more than 100 crypto institutional investment funds plan to buy and hold CORE this year. The CoretoshisLab account is also optimistic about the future of the token, saying "In the next month, we will definitely reach the moon." In 2024, CoreDAO will experience tremendous growth beyond imagination.
Coretoshis asserts that this news has high credibility, indicating that more than 100 cryptocurrency institutional investment funds have participated this year, ready to buy and hold CORE. The endorsement of institutional interest adds legitimacy to the narrative, boosting investor confidence and attracting further attention to the project.
Corretoshis expressed optimism about CORE’s future trajectory, urging followers not to miss out on potential gains. References to “moonshots” and CoreDAO’s bright prospects in 2024 amplified the hype surrounding CORE, fueling FOMO (fear of missing out) among investors keen to capitalize on its upward momentum.
What's next?
When looking at chart data for CORE DAO’s price, various important technical indicators can help you understand its current market sentiment and possible price changes.
First, the 50-day, 100-day, and 200-day exponential moving averages (EMAs) are all showing “buy” signals, indicating a bullish price trend for the asset. These moving averages act as important support levels, showing where buyers are likely to intervene to support prices.
Furthermore, the MACD line, which assesses the correlation between two moving averages, also indicated a positive sentiment of “buy”, reinforcing the bullish outlook for CORE. This means that the short-term moving average is crossing above the long-term moving average, showing bullish momentum.
Furthermore, the momentum indicator RSI is currently at a high of 93.98, suggesting that the asset may soon become overvalued. In such a scenario, there could be significant price swings as investors may choose to take short-term profits due to the unpredictability of the market.
Understanding Core DAO (CORE)
Core (CORE) is built as an L1 blockchain supporting the Ethereum Virtual Machine (EVM), capable of executing Ethereum smart contracts and decentralized applications (dApps). The "Satoshi Plus" consensus mechanism supports the Core network by combining delegated Bitcoin mining hashing with delegated proof of stake (DPoS) for security. CORE is both a utility token and a governance token for the Core network. Some of its functions are paying transaction fees, staking on the Core network, and participating in on-chain Core network governance.
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