Dero price explosion continues: Now up 680% in a month

Summary:

The Dero price has not just bucked the trend but done so in style. As the rest of the crypto market worries about regulation, Dero welcomes it.

The Dero price has not just bucked the trend but done so in style. As the rest of the crypto market worries about regulation, Dero welcomes it.

The majority of cryptocurrencies peaked during April and May, with many setting records, at huge multiples of their prices at the start of the year.

During this period, the Dero price never managed to break above $0.40. Furthermore, the last month has wiped more than a trillion dollars from the crypto market, and many of the same assets that were printing all-time highs in April and May are now trading more than 70% lower. So you may wonder why Dero has all of a sudden embarked on a parabolic rally lifting its market cap from $3 million to more than $126 million, whilst the rest of the market continues to suffer.

I too, am keen to find the answer.

What happened?

Quite often, Twitter breaks the news way before any of the news agencies. However, I couldn’t find much in the way of concrete evidence. Aside from the usual ‘to the moon’ type euphoria, the general theme focused on Dero’s unique combination of Proof of Work (PoW) and block-DAG technology.

Furthermore, it was suggested that popular Twitter user @DollarVigilante may have given the coin his blessing.

The team behind Dero Coin

My search led me to Coinmarketcap, where I hoped to find out more. Unfortunately, this also revealed very little about the project. Apart from detailing its programming language and some key features, it gave no mention of the team behind it. But then again, it is a privacy coin:

DERO project was developed from scratch in Golang and is being developed by original developers. The goal of the Dero project is to become a blockchain network that can serve businesses and individuals around the globe, allowing for secure, fast and anonymous transactions and smart contract execution. DERO aims to become the industry leader through features such as DeroDAG technology, Bulletproofs and a TLS encrypted network.

Dero price outlook

I typically conclude my posts with a view on the price. Unfortunately, until I learn more, I will keep an open mind on the price and remain an interested observer.

However, the hype surrounding the coin looks set to continue for the time being. But chasing this price higher is a perilous game indeed. This is not to say that it’s overvalued, but it’s certainly overbought.

RSI readings of 84.0 and above have a nasty habit of correcting sooner or later.