Known for its flagship feature, the Private Send, Dash (DASH) has been gaining a lot of attention which has attracted the current adoption pushing the DASH price from the green zone areas where most coins have been struggling to overcome safe for Dogecoin and Holochain.
The September 5 market crack has seen many coins and tokens remain in the red. Dash is among the coins that have pulled a surprise and has been trading on the green since then. In fact, the DASH coin shot by over 12% earlier today before heading south to stabilize around the 5% threshold.
Dash (DASH) Boost from Venezuela
Dash has been making huge strides towards penetrating the Venezuelan market. With the current crisis in the market, the citizenry has turned to cryptocurrencies as the most viable method of trading. The skyrocketing inflation has hit hard on the local fiat currency and digital currency is taking over the market and DASH is among the most popular mode of payment.
The increased DASH coin uptake comes after the Dash Force News announced a few days ago that DASH is being accepted by more than 3,000 businesses across the world as a payment method of choice and 45% of these are based in Venezuela. The surprise announcement saw the coin appreciate in a span of 24 hours from $174 to $197.
Why the Dash (DASH) Business Adoption Craze
Prior to the market crash early September, DASH coin was trading above $221 and the market crack has been a big blow assuming the surge of 12% came before the slump; the Dash community would be celebrating now as the platform welcomes additional adopters. However, the rebound has given the coin additional impetus in a bearish market.
Dash increased adoption has set it apart from other coins; its appeal is inclined towards businesses that are looking for long term investments and ready to adopt the additional liquidity push that DASH offers. The Venezuelan user case has far reaching implications and as a day to day user coin, the future is already cut out.
Additional Visibility for Dash (DASH)
By taking a close look at the DASH markets, you will realize that most volumes are coming through the Hong Kong based ZB.COM and interestingly the popular pairs are DASH/BTC and DASH/USDT. These are two sets of trader influencers in the coin route to market. DASH/BTC trades are for long term investors who are pushing the coin to the next level and DASH/USDT are short term traders who was a fast exit to fiat and purchase goods and services on demand.
The acceptance of DASH in Venezuela has increased its visibility which is backed by recent Spork 10 activation on the Dash ecosystem. The system upgrade has seen the platform focus more on businesses since Dash has no issues with scalability and transaction costs are near zero.
Dash (DASH) Day’s Market Trend
Despite the bearish market, DASH has gained 7.51% to the dollar in h last 24-hour trading zone to trade at $201.25. The quick recovery could be associated with the Venezuela market as well as increased global adoption given that transactional preference for Bitcoin and Ethereum appears to be declining due to high fees and low transaction speeds.
As the market struggles to recover, DASH has an upper hand and its stability and global appeal is poised to spur the coin to the top 10 before the end of the year. This will give the digital asset a cutting edge over other privacy coins as well as those battling with speed and scalability issues.