- DubaiCoin was revolving around $0.17.
- The coin gained more than 1000 percent in value.
- It now trades at $1.17 and might keep on rising.
Dubai is known as the City of Gold but it was known for much more when on 27th May, DubaiCoin, to everyone’s shock, rose by 1000 percent. The coin is the first designed on a public blockchain by a UAE-based organization called ‘Arabianchain Technology.’ Currently, the DubaiCoin is trading only on selected crypto exchanges and is not listed on major exchanges like Coinbase or Binance.
It was known that DubaiCoin was resting at $0.17 on the 27th of May when suddenly, excitement hit the market as the coin rose by 1000% of its original value. This meant that in a single day, the coin grew by more than 10 times of its original value and this means that it definitely has a lot of potential.
The company that has launched DubaiCoin, ie, Arabianchain Technology, claims that this is the first and the strongest cryptocurrency in the entire Arabian world and will prove it’s dominance in the longer run. The company officials also said that eventually, DubaiCoin will be eligible to be used as an exchange currency. This means that people will be able to pay with DubaiCoin in exchange for services or for shopping purposes.
A glimpse at the 24 hour dominance of DubaiCoin
It can be seen that the coin has risen to all new heights with 1000+ percent growth. This kind of dominance in the market is rarely seen and the performance was definitely unexpected.
A neat comparison with other cryptocurrencies
The current DubaiCoins or DBIX in existence are 4,263,172.051. This is a huge number of coins and can be mined in a similar manner.
“DubaiCoin will soon be able to be used to pay for a range of goods and services both in-store and online, with the clear intention for the coin to be used in place of traditional bank-backed currencies. Circulation of the new digital currency will be controlled by both the city itself and authorized brokers”Arabianchain Technologies, the company behind DBIX said
DBIX can be compared to China’s digital Yuan. It is possible that DubaiCoin turns into a central bank digital currently (CBDC) in the near future. What potential investors need to keep an eye on is the possibility of volatility in DBIX chart like in other coins. The reason is extensive mining. But Arabianchain has confirmed that the price of DBIX will be regulated by the city of Dubai.
Although DubaiCoin when compared to major coins like Bitcoin and Ethereum, doesn’t stand to much value, it is relatively new. Therefore, we need to wait and gradually see this coin’s performance in the long run to evaluate its true colors.
It can be said that DBIX will be functional like other cryptocurrencies. Countries like India are also coming up with new CBDCs and it means that DBIX can be Dubai’s first bank-accepted cryptocurrency. From the current performance of the coin, one can definitely say that DBIX has a lot of potential awaiting accomplishment.