DigixDAO Bucks Downward Trend In Crypto Market

Feb 19, 2018 at 4:38

DigixDAO (DGD) token has been gaining ground even as major digital currencies declined in the past 24 hours.

According to CoinMarketCap, DGD has gone up 9.58 percent to $321.65 on Monday, with a market cap of $643.31 million.

During the same timeframe, the legacy Bitcoin has dropped 4.68 percent to $10,716.50, Ethereum slipped 4.45 percent to $933.42, and Ripple was down 4.80 percent to $1.14.

This was not the first time DGD, the top 38th token in terms of market cap, went against the flow. There are currently 2 million DGD tokens in circulation.

At the start of the month, it was the only digital currency that posted stark gains even as almost all the top 100 cryptocurrencies were down by double digits.

Data from CoinMarketCap showed that on February 3, DGD reached a high of $453 with a market cap of $906.64 million.

Digix, the maker of DGD, is marketed as Ethereum’s first Distributed Autonomous Organization backed by gold. It went public in March 2016.

It has two coins: DGD and DigixGold Tokens (DGX), which is equivalent to 1 gram of gold.

What makes it different from other cryptocurrencies is that its movement reflects the general speculation around the value of gold—a balancing force with the influence of Bitcoin performance.