After 2018 ended, the crypto community was hoping for a strong start to the new year. Unfortunately, that hasn’t happened. In addition to Bitcoin stagnating, many traders recently suffered another painful loss after Cryptopia was hacked on January 14th. This latest theft highlights the importance of cold storage. For those wanting to truly protect their assets, nothing beats a Ledger Nano or a Trezor device. But, even more than that, it highlights the importance of trading on secure and safe platforms.
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Off To The Races In 2019
Although many tokens hadn’t been doing much trading in the new year, one coin was. That token is Encrypgen (DNA). DNA started off the year with a price of $0.018, or approximately 500 sats. Within a few weeks, the price had soared to $0.07, or approximately 2000 sats. That represented an increase of roughly 300% in sat value. The increase was due primarily to a flood of news announcements including strong partnership deals. Additionally, large buyers were rapidly entering the market, including one mysterious buyer who purchased roughly 6 million DNA tokens.
DNA has been one of the hottest tokens to start the new year but that, unfortunately, came to a halt after Cryptopia’s temporary closure due to a multi-million-dollar hack. Previously, DNA tokens had been listed on Okex and KuCoin. However, when Encrypgen’s CEO refused to pay bribes, the tokens were delisted.
So, what’s next for Encrypgen? Fortunately, the business is 100% focused on adding users to the Gene-Chain, both data buyers and sellers. And, within the next few weeks, users can expect to trade DNA tokens directly on Encrypgen’s Gene-Chain. Because of this, DNA token buyers won’t have to worry about dealing with unsecured exchanges such as Cryptopia.
Encrypgen’s main goal is to bring together genomic data sellers and buyers. Essentially it wants to be the go-to marketplace for genomic data transactions. While consumers who sell their data have the option to cash out their payments via Bitcoin (BTC), they will soon be able to cash out via other methods such as Ethereum (ETH). Researchers will also be able to buy the uploaded data with DNA tokens. This was the original vision that was laid out by Encrypgen’s Founder and CEO, David Koepsell.
Once the Gene-Chain is ERC-20 compatible, DNA token trading will be available on the platform. Given how hot DNA tokens were this month, it’s not unreasonable to think that trading volume could explode on the Gene-Chain. It’s natural that traders may want to get their hands on these tokens that are very likely to increase in value during the upcoming months and years. Still, it’s important to remember that DNA is a utility token. It was created for buying genomic data on the Gene-Chain.
Other Trading Options
For users who may want to get started trading DNA tokens before the functionality is made available on the Gene-Chain, there are other options. These options include:
- IDEX – A Decentralized exchange for trading Ethereum (ERC-20 tokens).
- EasyTrade – Trading widget that provides the best available orders from its pool of decentralized exchanges.
- Bleutrade – New option for DNA trading but very little volume at the moment.
Although Cryptopia let a lot of people down, Encrypgen’s business isn’t affected in the least. The company continues with business as usual. Encrypgen is one of the most promising companies in the crypto world and I’m looking forward to seeing all the future developments.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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