After the recent "failure" for Digibyte in Citi 4 Technology challange, Digibyte value dropped significantlly.
Reddit users trashed it once again and said it's value is based only on hype and memes.
Yesterday and today with seen almost a 30% rise for DGB, going up from 0.29 to 0.37.
What may be the cause for this sudden rise?
Bitcoin price is going down significantly and drama occuers in the releated Bitcoin subreddits as what users call as "The Flippening" (Ethereum overcoming Bitcoin in market cap) is getting closer.
It seems like people are looking to mix things up and take some of their BTC volume into other small cryptos.
DGB is a long time player and their micro-transactions fetures are considerd undervalued by some.
I believe that DGB is on the rise for a reason and will only get bigger as a big Citi event which Digibyte is a part of is planned for July.
I am intrested in your thoughts, please write them down so you can discuss it.
Also, follow me at @randomizer for blockchain, VR/AR ,AI and cryptocurrency news and articles, see you soon :)
I never know what to think about Reddit. Sometimes they are right about a coin, but many times they are wrong.
From what I have heard they are creating a minecraft server where diamonds/emeralds can be traded for DGB which is a huge deal because 1: minecraft is insanely popular and draws a crowd of potential investments from outside the sphere of crypto, and 2: the concept revolves around playing a game to earn money which a huge number of people would like to do. So I could see it gaining a lot of attention for that alone, and the potential is definitely there for some big growth if that catches on and goes smoothly. I even have some interest in trying it myself since I like minecraft anyway, might be fun to hoard crypto while I'm piling up all the other stuff in the game, and just imagine how crazy it would be if one day DGB were $100 each and someones kid had been sitting there playing minecraft on their server all day everyday trading diamonds... it's very interesting to me :)
Randomizer, I totally agree with you, as soon as the announcement came out that DGB did not win the Citi Challenge, the trashing began. DGB is a strong coin with a bright future. This is where the term "hodl" should apply. Great post .
Avoid hype. There is no new Citi event planned. The real awards will be given then. The award that digibyte did not get was for the demoday.
The question is, will people think that there is an event and invest again. which will mean the price will rise again in July and than drop as it did in June. Maybe this time people will be more prepared and collect the high price before holding blindly.
I think the drop was beginning before the Citibank winner was announced and was because people were discovering that their was no official partnership with Microsoft and Minecraft. Now, I originally blamed this on ignorant investors believing headlines on the internet but some have said that Digitbyte may have started the 'fake news / rumors' or, at the very least, did not correct them but may have encouraged them.
The fact that they made it to the 'finals' at the Citibank challenge.... and the fact that they were even invited tells me that there is something there that is worth a decent coin price.
Very good post. Thanks for bringing this to our attention. I've bene asking myself. Do people actually check the Trustworthiness of the crypto they invest in or do they just blindly see money money money? :-) An interesting website I found: https://www.coincheckup.com. They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. Go to: https://www.coincheckup.com/coins/DigiByte#analysis To check DigiByte Investment and research analysis.