There are no guarantees for success in the world of cryptocurrency. Specific coins can remain hidden in the shadows for years, and suddenly burst onto the scene. Others can gain a lot of traction and still remain subject to major price decreases. For Digibyte, the project falls into the first of two categories, as its value has been exploding as of late. It looks like interesting things are about to happen for DigiByte, which is driving demand.
A Lot of DGB Hype Right Now
Every time a cryptocurrency sees its value rise spectacularly out of the blue, people automatically assume it is a pump of some sorts. Throughout the years, we have seen many cryptocurrency pumps, which were merely designed to make developer and their inner circle money. That is not the case with Digibyte, as this particular currency has been borderline unattractive to investors for quite some time now.
To be more specific, Digibyte has been around for quite some time. There are over 8 billion coins in circulation as we speak, which is quite an insane amount. However, the currency is also appreciating in value by quite a lot. In September of 2014, one DGB was worth just 20 Satoshi. That is a rather small amount compared to most cryptocurrencies people keep track of these days. Right now, one DGB is worth around 1,800 Satoshi, which represents a 90-fold increase over less than three years.
This price increase also affects the Digibyte market cap, which has increased from US$142,316 to over US$365,596,731 as of right now. Such spectacular growth is not uncommon in cryptocurrency by any means, as there is a growing demand for different kinds of tokens and assets. The growth has not been gradual, though, as things started picking up in volume as of April 2017. A small price increase was noted, followed by major increases starting on May 18th onward.
The bigger question is what is driving this sudden demand for Digibyte. Apparently, the cryptocurrency will have its own Minecraft server soon. This does NOT mean Minecraft is using Digibyte as an official currency whatsoever. Nor is this a partnership between Mojang or Microsoft ad Digibyte. There is also a meme contest, albeit that does not warrant a major price bump by any means. It is true the DigiByte Holdings LTD will present their DiguSign project for Citibank. This project revolves around users being able to create blockchain identities. An interesting concept, but not something that is unique in the world of blockchain either.
While all of these individual announcements are quite positive for Digibyte, there is no real reason for a massive price increase. People who buy the currency may see a profit or spectacular losses. That is the inherent nature of cryptocurrency. Anything that rises in value too quickly will eventually come down. The DiguSign presentation is certainly worth keeping an eye on. However, it does not appear to use the DGB currency form what we can tell. We will know more come June 9th.
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