- CORE DAO’s token, CORE, surged 67%, reaching $2.75.
- Several institutional investment funds have shown interest in CORE.
- Technical indicators indicate a bullish trend for CORE, although the high RSI suggests potential overvaluation.
The price of CORE, Core DAO’s native token, has captured the attention of cryptocurrency investors, experiencing a massive surge of over 200% in just one week.
The surge sparks scrutiny into what’s driving CORE’s rapid growth and its impact on the broader cryptocurrency industry.
CORE price performance
CORE DAO operates as an L1 blockchain supporting the Ethereum Virtual Machine (EVM), enabling the execution of Ethereum smart contracts and decentralized applications (dApps). The base token is called CORE.
CORE enhances security by combining delegated Bitcoin mining hashing and Delegated Proof of Stake (DPoS) through the “Satoshi Plus” consensus mechanism. CORE acts as a utility token and governance token for the Core Network, facilitating various functions including payment of transaction fees, Core Network staking, and participation in on-chain governance.
CORE’s recent price surge has surprised market observers. The value of the token soared 67.25% in just one day, reaching $2.75.
CORE price chart
This surge pushed CORE to 54th place in the market capitalization rankings, demonstrating its significant market influence. Moreover, CORE’s trading volume surged by 148.07% on the last day alone, showing increased investor participation and liquidity in the market.
According to CORE’s supply dynamics, there are currently 875,161,702 tokens in circulation, which is approximately 41.67% of the total supply of 2.1 billion tokens. With a fully diluted market capitalization of $5.78 billion, CORE’s potential market reach is significant, increasing investor confidence and interest in the project.
Technical indicators further support the bullish sentiment surrounding CORE. Exponential Moving Averages (EMAs) of 50, 100, and 200 days indicate a bullish trend and serve as important support levels for price movements.
The MACD line indicates positive sentiment and reinforces CORE’s bullish momentum. However, a high RSI indicates that an asset is overvalued, which could potentially lead to significant price movements.
Why are CORE prices rising?
The recent surge in CORE prices can be attributed to a variety of factors, most notably the approval of Coretoshis Lab. The approval highlights the participation of more than 100 cryptocurrency institutional investment funds that plan to purchase and hold CORE this year, instilling confidence among investors and driving interest in the project.
🔥Explosive News🔥
An anonymous person who does not want to be named is preparing to push the price. #main point $100 transfer #Bitcoin bisector.
The credibility of news is very high. More than 100 cryptocurrency institutional investment funds are expected to buy and hold. $core… pic.twitter.com/zeE6R761lL
— Coretoshis🔸Lab (@Coretoshis_Org) March 29, 2024
Coretoshis Lab’s optimism about CORE’s future trajectory, combined with its mentions of “going to the moon” and promising outlook for CoreDAO in 2024, has fueled FOMO among investors looking to capitalize on the upward momentum.
The Core Chain
core chain x @Multibit_Bridge X @bssbstable Our core travel campaign is currently live.
Participate and have a chance to win prizes🎁
All you have to do is complete the tasks of . @taskonxyz👇https://t.co/ExOI4h1rHW pic.twitter.com/ww0FgHUnOs
— Core DAO 🔶 (@Coredao_Org) April 1, 2024