This is what drives the price rally.
The CORE DAO token, CORE, is up 67% to $2.75. Several institutional investment funds have expressed interest in CORE. The technical indicators indicate a bullish trend for CORE, despite the higher RSI showing higher expectations.
The price of Core DAO's home token, CORE, has experienced a dramatic increase of over 200% in a week, attracting the attention of cryptocurrency investors.
This increase prompts an examination of the factors driving CORE's rapid growth and its implications for the broader cryptocurrency industry.
CORE price performance
CORE DAO operates as a L1 blockchain that supports the Ethereum Virtual Machine (EVM), which enables the execution of Ethereum smart contracts and decentralized applications (dApps). The generation token is referred to as CORE.
With its “Satoshi Plus” consensus mechanism, CORE combines proxy bitcoin mining hashing with delegated proof of concept (DPoS) for security. CORE serves as the Core Network's utility token and management token, performing various functions such as paying transaction fees, depositing on the Core Network, and participating in chain management.
CORE's recent price surge surprised market observers, with the token's price surging by an impressive 67.25% in one day to $2.75.
CORE price chart
This increase elevated CORE to 54th place in the market cap rankings, demonstrating its significant market influence. In addition, CORE's trading volume rose by 148.07% in the last day alone, indicating increased investor participation and increased liquidity in the market.
CORE's supply dynamics shows that there are currently 875,161,702 tokens in circulation, representing 41.67% of the total supply of 2.1 billion tokens. With a fully diluted market value of $5.78 billion, CORE's potential market reach is high, increasing investor confidence and interest in the project.
Technical indicators further support the bullish sentiment surrounding CORE. The 50, 100, and 200-day exponential moving averages (EMAs) indicate a bullish trend that serves as critical support levels for price movements.
The MACD line shows positive sentiment, strengthening bullish momentum for CORE. However, a high RSI indicates that the asset may be overvalued, which can cause significant price fluctuations.
Why CORE Pricing?
The recent increase in CORE price can be attributed to various reasons, especially the support from Coretoshis Lab. This support highlights the participation of more than 100 crypto institutional investment funds planning to buy and hold CORE this year, instilling confidence in investors and attracting attention to the project.
💥 Explosive news 🔥
An anonymous person is preparing to drop the #CORE price to $100 before #Bitcoin drops.
The credibility of the news is very high. 100+ crypto 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 direction, combined with references to “going to the moon” and promising prospects for CoreDAO in 2024, has fueled FOMO among investors eager to capitalize on its upward momentum.
The Core Chain x MultiBit/Bitsable: Core Journey campaign launches today (April 1, 2024).
The Core Chain x @Multibit_Bridge x @bssbstable Core Journey campaign is now live.
🎁 Join for a chance to win prizes
All you need to do is complete the tasks on @taskonxyz👇 pic.twitter.com/ww0FgHUnOs
— Core DAO 🔶 (@Coredao_Org) April 1, 2024
