Gold-investing coin DigixDAO (DGD) is one of just three cryptocurrencies in the Top 100 to be in the green today – along with Dent (DENT) and Tether (USDT). Unfortunately, the rest of the world’s most popular crypto coins have sunk in value over the past 24-hour period. VeChain (VEN), Litecoin (LTC) and Ethereum (ETH) are all showing double-digit losses in the past day – with Bitcoin (BTC) down about 9% at the time of writing.
So, why has DigixDAO (DGD) managed to stay afloat while the rest of the market looks like its entering into yet another dip? What is it about this crypto coin that makes it so resilient to this week’s turbulence?
DigixDAO (DGD) is looking golden
Not only is this coin the top gainer of the day (out of the top 100, according to CoinMarketCap), its 24-hour trade volume has jumped past the $130 million mark.
— Digix⚡Report (@DigixOrg) February 21, 2018
At the time of writing, each DGD coin has reached $330.6 – that’s a 19% boost from yesterday’s trading price. It’s an interesting development, because there isn’t really any news story, announcement, or rumor that we can attribute to today’s surge.
The resilience of gold is probably propping up DigixDAO’s price
DigixDAO (DGD) is the tradable cryptocurrency of a platform that allows users to buy their very own gold reserves – a process that’s as easy as buying any other crypto coin. The system, called Digix, runs on the Ethereum (ETH) network. The platform’s second token, called DGX tokens, represent a single gram of 99.99% LBMA standard gold.
Each user’s goal is kept in a secure vault, and buyers maintain full legal ownership of their gold. With DGD coins, users can get paid with the entire system’s transaction fees and receive other types of rewards.
People have historically turned to gold in times when the strength of fiat currencies diminishes – like when there is an economic downturn. The market has been surging for several years and experts are saying that a recession is on the horizon. With DigixDAO as a secure way to buy gold and protect investors from an impending crash, the value of this coin is only going to keep growing.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.