What is ION crypto all about?


    “Option to pay in Doge?” is what Elon Musk is said to have suggested after the big Twitter stake reveal. But Musk’s suggestion to Twitter does not seem to have supported Dogecoin’s (DOGE) price, which was down nearly 15 per cent on a year-to-date (YTD) basis as of writing.

    That aside, even the total market cap of the sector was under pressure, with CoinMarketCap reporting it as below US$2 trillion at the time of writing. But not all assets — notably, CoinMarketCap tracks over 18,000 cryptocurrencies — rise or fall concurrently. This shines the light on assets with a comparatively lower market cap as against top assets like ETH or BTC.

    One asset, ION crypto, has risen exponentially lately, CoinMarketCap data suggests. Let’s know more.

    What is Ionomy crypto project?

    The website of the project states it facilitates crypto token trading. Besides, the ION project gives wallet services to users. Ionomy claims that transactions on its platform are registered on the ION blockchain, which enables tracking and transparency. It also appears to provide different trading fee structures depending on any user’s level within its ecosystem.

    Ionomy also mentions Airdrops as one of the services, with access to those using the ecosystem’s PRO feature. Gaming, which has gained traction over the past some time, thanks to the rise of metaverse tokens, is also mentioned on the project’s website. Here, however, it seems to be restricted only to trading in blockchain-based games’ assets.

    Also read: What’s in Canada Budget 2022 for cryptocurrency enthusiasts?

    ION crypto

    The Ionomy project says ION is the native token of the ecosystem, acting as the medium of exchange. The Layer 2 network offers ION tokens as rewards to masternodes, it is claimed. ION can also enable the creation of new native tokens by developers using the ION network.

    Also read: How Secret Network and SCRT token rival Ethereum’s blockchain?

    ION crypto price

    What is most notable is the sudden price rise of ION token. According to CoinMarketCap, ION token had a price of nearly US$5,000 as of writing. The area of concern is that the price was well under US$1 until recently.

    Separately, the market info section on ION’s own website did not report its over US$5,000 price. Also, the trading volume was very low, below US$4,000 over the past 24 hours, which may have meant that the price could have been influenced by a handful of users. ION crypto price prediction can be speculative, and for now, any decision should be made only after thorough due diligence.

    Total market cap of cryptos

    Data provided by CoinMarketCap.com

    Bottom line

    The late rise in the price of ION token reflects how the prices of some assets can be influenced by only a few players. ION crypto’s trade volume is extremely low, but the price, according to CoinMarketCap, is following an extremely bullish trend. As far as the project is concerned, it claims to be a crypto trading platform, with a native ION token and a blockchain.

    Also read: Is EGL token a reminder of risks that ail crypto verse?

    Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

     





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