- CORE DAO’s token, CORE, sees a 67% surge reaching $2.75.
- Several institutional investment funds have shown interest in CORE.
- Technical indicators signal a bullish trend for CORE, despite the high RSI suggesting potential overvaluation.
The price of Core DAO’s native token, CORE, has experienced a staggering surge of over 200% within a week, capturing the attention of cryptocurrency investors.
This surge prompts an investigation into the factors fueling CORE’s rapid growth and its implications for the broader cryptocurrency industry.
CORE price performance
CORE DAO operates as an L1 blockchain supporting Ethereum Virtual Machine (EVM), enabling the execution of Ethereum smart contracts and decentralized applications (dApps). Its native token is referred to as CORE.
With its “Satoshi Plus” consensus mechanism, CORE combines delegated Bitcoin mining hash with delegated Proof-of-Stake (DPoS) for security. CORE serves as both the utility token and governance token of the Core network, facilitating various functions such as paying transaction fees, staking on the Core network, and participating in on-chain governance.
CORE’s recent price surge has astonished market observers, with the token’s value soaring by an impressive 67.25% in just one day, reaching $2.75.
CORE price chart
This surge has propelled CORE to the 54th position in market cap rankings, showcasing its significant market influence. Moreover, trading volume for CORE has surged by 148.07% in the last day alone, indicating heightened investor engagement and liquidity in the market.
CORE’s supply dynamics reveal that 875,161,702 tokens are currently in circulation, representing approximately 41.67% of its total supply of 2.1 billion tokens. With a fully diluted market cap of $5.78 billion, CORE’s potential market reach is substantial, enhancing investor confidence and interest in the project.
Technical indicators further support the bullish sentiment surrounding CORE. Exponential moving averages (EMAs) for 50, 100, and 200 days signal a bullish trend, acting as crucial support levels for price movements.
The MACD line indicates a positive sentiment, strengthening the bullish momentum for CORE. However, the high RSI suggests that the asset may be overvalued, potentially leading to significant price fluctuations.
Why is the CORE price rallying?
The recent…