Dash Price Rises 20% on Venezuelan Adoption Push

Dash (DASH) is currently experiencing a strong price surge, rising about 20 percent in the space of 24 hours as news coming out of Venezuela indicates that it is experiencing a solid increase in adoption by users fleeing the bolivar’s six-figure inflation rate.

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Hyperinflation, Petro, and Dash

Dash Price Chart

CCN reported recently that Venezuelan president Nicholas Maduro announced the creation of the “Sovereign Bolivar,” a new currency to  replace the near-worthless bolivar, which had an inflation rate in excess of 100,000 percent. The new bolivar was then pegged to the value of the petro, a new state-sanctioned digital currency backed by the country’s oil production.

At a time when Venezuela’s annual inflation rate is projected to hit an absurd 1,000,000 percent by the end of the year, with the country’s oil production severely hampered by lack of investment, Venezuelans have understandably balked at the new arrangement, preferring to stick with the relative stability offered by bitcoin and other cryptocurrencies.

From a Venezuelan point of view, where bitcoin and other coins fall short compared to dash is the period of time required to confirm a transaction. Prior to last year’s crypto boom, bitcoin transactions took an average of 10 minutes, but since late 2017, bitcoin transactions began to take anything from 20 minutes to an hour during peak periods.

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Ethereum fares slightly better with a 4.49-minute average, but dash offers even speedier confirmation, averaging two and a half minutes by virtue of its masternode network which allows it to offer an Instant Send service. For Venezuelans without access to a reliable fiat currency, this is as close as it is currently possible to get to a ‘regular’ transaction when carrying out regular everyday activities like shopping or paying for meals.

Dash has taken full advantage of the situation, reportedly signing up an average of 200 vendors a month including brands like Subway and Calvin Klein.

Speaking to Business Insider earlier this month, Dash Core Group CEO Ryan Taylor said:

“We are seeing tens of thousands of wallet downloads from the country each month. Earlier this year, Venezuela became our No. 2 market, even ahead of China and Russia, which are, of course, huge into cryptocurrency right now…It took them a long time to get the first 50, first 100, but at the beginning of July, the number was around 400, and we’re already at 800. We’re at this point signing up more than 200 a month.”

Its latest market surge has been driven by the announcement of a partnership between Dash and Kripto Mobile, a South American company that manufactures mobile phones that come pre-equipeed with the dash ecosystem, DASH wallets and the Bitrefill app. According to Taylor, this deal will see dash’s monthly user growth rise to 10,000.


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Author: David Hundeyin
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Is Dash (Dash) headed back to $1000?

The crypto market is back, and most coins have gained momentum, with bitcoin close to $10000. Dash (Dash) too has been on the rise, after hitting lows of $400, it’s now trading at over $500 after dropping to lows of $300. Now the question on everyone’s mind is, can Dash (Dash) head back to its December highs, when it was trading at over $1500?
Well, if everything continues in its current trajectory, then there is good reason to believe that it will. First, Dash is one of the better known coins in the market. The reason why it lost so much value is because of the sustained bear run that hit the crypto market in quarter one of 2018. Now that the Bull Run is back, investors will be looking to get into strong cryptos that are highly undervalued, relative to last year’s valuations.
It is this buying pressure that will play a major role in pushing Dash (Dash) back to a $1000. A similar thing is happening to Bitcoin Cash. Towards the end of the bear-run, bitcoin cash was trading at under $700. Now that the market is back, everyone is rushing to buy it, in anticipation that it could head back to over $3000. This buying pressure has driven it to its current price of over $1400.
On top of the market-wide bull-run, Dash (Dash) could be pushed up by the upcoming Dash evolution release. Though it has been delayed for some time, there are good signs that it will happen in the near future. This is guaranteed to drive up the demand for Dash significantly, because it is designed to make Dash more efficient. That’s because Dash evolution is meant to play the same role as SegWit or the lightning network. It will make Dash transactions faster, and cheaper and hasten the rate of adoption. As things stand, Dash (Dash) is already one of the best on this front. As such, the Dash evolution is making an already good project better, which is good for its long-term value growth.


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Another factor that will play a role in pushing up Dash to its previous highs is the fact that it has seen a sustained level of adoption even during the recent crypto downturn. In that period, Dash was added to Abra, a platform which acts as an online bank, where investors can spend their cryptos. In that same period, it has also be added to Bitit and Negocie coins. That’s a good indicator that Dash has what it takes to be mass adopted as a usable currency, which is good for its long-term value growth.

A combination of these factors is a good indicator to Dash (Dash)’s medium-term potential. Even from a technical analysis perspective, all indicators from the moving averages to all other technical indicators point to a coin that is on the rise. If the market performs better than it did last year, then Dash (Dash) could easily get to over $2000 by the end of 2018.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Floyd Cook
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