DigixDAO [DGD], a token that relates to the trading of a real-time entity of gold and virtual currency, fell more than 12% in the past 24 hours and is currently trading at $443. The coin has even dipped to the 26th rank from its previous 25th rank on Coinmarketcap.
DGD has generally been a safe coin for all investors to invest because the coin trades out gold for virtual money and is highly dependent on the gold market and not on the crypto-market. The coin even had an average of 3% growth in the market value on a daily basis even when the past week was sloppy for huge cryptocurrencies like Ethereum which encountered a 32% fall.
The sudden fall in the value of DGD might be because the value of gold dropped on the market with a spot change of $0.14 approx. in the USA. This, in turn, lead to a huge drop in the value of DGD from $500 to $443, and took many investors by surprise as the value of gold has always been increasing.
Jack Williamette, a NANO investor says,
“No coin is safe in the market, honey. But, this coin might come up way faster than any other coin since its running on the gold market and gold never gets old but only costlier.”
Kishan Vasudevan, a gold market expert says,
“Yes, gold market usually doesn’t fall much and is much safer when compared to other markets. Even if it falls, it doesn’t take a lot of time for it come back up again and when it does, it’s double the value of what it was.”
All the investors and crypto-experts believe that this fall is just temporary as the price of gold doesn’t drop very often. Market experts feel this is the right time to buy the coin for the purpose of short selling to see a marginal profit.
Analyzing the performance of the coin over the month, the fall of more than 11% might have left all the investors ‘shook’ but DigixDAO was one the few coins that were on a steady rise when all the other cryptocurrencies had decided to reside in the bearish market.
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