Bitcoin-Powered Core DAO (CORE) Skyrockets By 220%, Here’s Why
April 01 2024 - 7:51AM
NEWSBTC
Core DAO (CORE), the cryptocurrency behind the Core blockchain, has
seen its price skyrocket by 220% over the last week, marking a
significant milestone in its market performance. As of the last 24
hours, CORE has seen an additional 63% increase, accumulating a
staggering 350% gain in just nine days. This rally has elevated
Core DAO to the 55th position among all cryptocurrencies by market
cap. What Is Core DAO? Core DAO operates on the Core blockchain, a
Layer 1, EVM-compatible platform that supports the Bitcoin network
by offering a secondary BTC block reward. The Core blockchain
distinguishes itself through its unique Satoshi Plus consensus
mechanism—a hybrid of Bitcoin’s Proof-of-Work (PoW) and a delegated
Proof-of-Stake (DPoS). This mechanism aims to address the
blockchain trilemma, ensuring decentralization, scalability, and
security. Related Reading: Bitwise CEO Predicts $11 Billion Drop In
Bitcoin Supply Post Halving Core aims to create a strong and
inclusive community within the Web 3 ecosystem, offering various
features such as a stake bridge, airdrops, and a mining app to
facilitate participation and engagement. The project is focused on
building Web3 infrastructure and promoting public chains based on
Bitcoin’s Proof-of-Work consensus, boasting over 10 million
transactions, 550,000 addresses, and significant social media
presence. As of press time, Core’s market cap was about $2.3
billion, with a 24-hour trading volume of approximately $447
million. The circulating supply of CORE tokens is 875,161,702 out
of a maximum supply of 2,100,000,000 CORE tokens. Factors Behind
CORE’s Exponential Rally The recent price rally of CORE can be
attributed to a confluence of factors, including the anticipation
of the Bitcoin halving, scheduled in 20 days, and significant
project announcements. One of the pivotal developments propelling
Core’s rise is the soon-to-come launch of non-custodial Bitcoin
staking, which is expected to boost the public chain’s TVL and
favor a rise in CORE price. Related Reading: Wyckoff ‘SOS’ Could
Catapult Bitcoin To $100,000: Hedge Fund Manager Moreover, the
launch of coreBTC has been a significant catalyst. CoreBTC enables
Bitcoin holders to engage in the DeFi space on the Core Chain
without compromising on Bitcoin’s foundational principles of
trustlessness and security. This initiative paves the way for
Bitcoin to become a central asset in DeFi’s future, backed by
decentralized smart contracts and rigorous overcollateralization
requirements. 1/ coreBTC is live on Core Chain, which means users
can trustlessly bridge their BTC to a Bitcoin-secured DeFi
experience on Core Chain. pic.twitter.com/6KFWdbQzbR — Core DAO 🔶
(@Coredao_Org) March 28, 2024 Additionally, Core has kick-started a
6-month incentive program targeting the BTCfi ecosystem. This
program is designed to fuel growth and adoption by rewarding
contributions to the ecosystem, particularly in bridging assets and
exploring decentralized applications (dApps). The initiative covers
assets from various blockchains, including Ethereum, Arbitrum,
Optimism, Avalanche, Polygon, and BNB, thereby enhancing
participation in Core’s flagship dApps. At press time, CORE traded
at $2.69. Featured image created with DALL·E, chart from
TradingView.com
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