DubaiCoin: Dubai’s first cryptocurrency’s massive growth of 1000% leaves everyone shocked
DubaiCoin (DBIX) is the first cryptocurrency to be issued by a country: Dubai. The cryptocurrency is used in retail payments in Dubai and the UAE, and according to a statement by the Dubai government, the coin is set to be used globally in the future. As of this morning, DubaiCoin has seen a massive growth of 1000%, leading to a huge spike in the price of the token. Only yesterday, a single DubaiCoin was worth slightly more than a cent; today, it is worth almost $1 coin.
DubaiCoin: Dubai’s first cryptocurrency’s massive growth of 1000% leaves everyone shocked. A cryptocurrency is a form of payment that only exists digitally and it is not regulated by any central bank. There are a number of them such as Bitcoin, and they are the future of money. Most countries don’t have a cryptocurrency as their official currency, but Dubai is different. The United Arab Emirates, home of Dubai, is planning to release its own cryptocurrency, called the emCash, which will be backed by the Dubai government. It will be used by residents who can use it to pay for everyday things. Dubai is also looking to become the world’s first blockchain-powered government, and is looking to create a system where citizens can report their own
DubaiCoin: Dubai’s first cryptocurrency’s massive growth of 1000% leaves everyone shocked DubaiCoin was supported by Dubai-based E-Vision Financial Services, which claimed that the coin would help to simplify transactions for Dubai residents and tourists. The coin was launched on September 14th 2017, which coincided with Dubai’s annual “Dubai Blockchain Summit”, and the company claimed that trading volume was “stunning” at the event. In the first day of trading, DubaiCoin reached $3.43 and a market cap of $34.3 billion, and the company’s website claimed that it is the first cryptocurrency to be traded on the Dubai Gold Exchange. The coin’s success was short-lived however, as the company behind it abruptly. Read more about why is cryptocurrency valuable and let us know what you think.
Summary of the situation
The DubaiCoin has reached $0.17.
The value of the currency has increased by more than 1,000%.
It is currently trading at $1.17 and could continue to rise.
Dubai is known as the city of gold, but it became much more famous when the DubaiCoin was launched on the 27th, much to everyone’s surprise. May was up 1,000%. This coin is the first to be developed on a public blockchain by a UAE-based organization, Arabianchain Technology. Currently, DubaiCoin is only traded on select cryptocurrency exchanges and is not listed on major exchanges such as Coinbase or Binance. We know that DubaiCoin was launched on the 27th. May at $0.17, when suddenly the market was in the grip of excitement: the coin rose 1000% of its original value. This means that the coin has increased more than 10 times its original value in a single day, which means that it definitely has a lot of potential. The company that launched DubaiCoin, which is Arabianchain Technology, claims that it is the first and strongest crypto-currency in the entire Arab world, and that it will prove its superiority in the long run. Company officials also said that DubaiCoin can be used as a medium of exchange. This means that people can pay with DubaiCoin in exchange for services or to make purchases.
A look at DubaiCoin’s 24-hour dominance
Source: Crypto.com You can see that the room has reached new heights with an increase of over 1000%. Such market dominance is rare, and the achievement was truly unexpected.
A cautious comparison with other cryptocurrencies
Currently, the number of existing DubaiCoins or DBIX is 4,263,172,051. This is a huge amount of coins that can be mined in the same way. 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 of using the currency in place of traditional banking currency. The circulation of the new digital currency will be monitored both by the city itself and by licensed brokers. Arabianchain Technologies, the company behind DBIX, said. The DBIX can be compared to the Chinese digital yuan. It is possible that DubaiCoin will become a central digital gift bank (CDB) in the near future. What potential investors should be aware of is the possibility of chart volatility in the DBIX, just like other currencies. The reason for this is extensive mining. However, Arabianchain has confirmed that the price of DBIX will be regulated by the Dubai Municipality. While DubaiCoin is not particularly valuable compared to larger coins like Bitcoin and Ethereum, it is relatively new. So we must wait and observe the performance of this piece in the long run to appreciate its true color. You could say that DBIX will work like other cryptocurrencies. New CBDCs are also popping up in countries like India, meaning that DBIX could become the first cryptocurrency launched by a bank in Dubai. Judging by the current performance of the component, we can say that DBIX has a lot of potential that is yet to be realized.The DubaiCoin has seen a massive increase in value in the last few days, leaving many people stunned. It’s currently priced at $0.06, and it’s been increasing steadily over the past few days. The cryptocurrency is operated by DubaiCoin FZC, which is a company listed on the Dubai Financial Market and is regulated by the Dubai Financial Services Authority. It’s interesting to note that the cryptocurrency is backed by the Dubai government and is the first digital coin in the UAE.. Read more about future of cryptocurrency 2021 and let us know what you think.
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