DragonChain (DRGN) Spikes on Bittrex Market Debut
DRGN volumes picked up on the new listing, but the project remains pressured by the bear market.
DragonChain (DRGN) lined up among the biggest winners on Wednesday after its Bittrex listing triggered a spike in prices, pushing the value of the asset from $0.09 to $0.14 within a day.
The daily gain of more than 45% may have been triggered by bot activity, so it may be erased in the coming days. Seen as one of the promising platforms, DragonChain offers a cloud-based infrastructure and the possibility of moving between private, permissioned blockchains and some of the leading public blockchains.
The addition to Bittrex will alter the trading profile of DRGN, which until recently depended heavily on KuCoin for most of its volumes. On Bittrex, the sole DRGN/BTC pair means that the price of the asset is still tied to the position of the leading digital coin.
At its peak, DRGN traded above $4. Talks have been held about a potential Binance listing:
The DragonChain community is relatively small, with 3,800 Reddit subscribers compared to Bitcoin’s one million or tens of thousands for more prominent projects. The startup is innovative, but it is also competing with multiple similar projects on top of struggling with the impact of the prolonged bear market. While DRGN may keep gaining in the short term, it is still down more than 97% from its all-time high. It was also hurt by a recent Cobinhood delisting.
The DRGN token is not seen as indispensable in the project’s ecosystem although it was used to raise funds in the initial coin offering and is currently held in 36,091 addresses. DragonChain is entirely based on Amazon Web Services, meaning that the startup does not plan to launch its own mainnet and invite miners or other types of block producers.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.