MDT crypto surges 20% despite weak market sentiment, volume soars over 1000%

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Highlights:

  • The crypto market corrected over 8% during the weekend tracking selloff in tech stocks
  • However, some altcoins are grabbing investors' attention with their counter market moves
  • At the time of drafting, MDT was trading at US$0.05403, up 20.50% in the last 24 hours

The crypto market took a serious beating during the weekend with all major tokens bleeding. Global crypto market capitalisation fell over 8% to US$1.57 trillion while Bitcoin, the bellwether digital token, fell from US$37,000 level to US$34,000 mark. At the time of drafting this article, BTC was trading at US$34,124.12 per token, down 3.45% in the last 24 hours. While the broader crypto market is reeling under selling pressure, some digital tokens are still grabbing investors' attention by their countermove. One such crypto is Measurable Data Token or MDT.

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At the time of drafting, MDT was trading at US$0.05403, up 20.50% in the last 24 hours. At the same time, trading volume in the crypto also surged 1,375% to US$67.6 million, 1.85 time its market capitalisation of US$36.46 million. However, despite today's gains, MDT is still 94% away from its all-time high of US$0.8583, which was hit on 17 December 2018. Does this crypto has a promising future? To get an answer to this question, let us first understand what Measurable Data Token is all about.

What is Measurable Data Token?

As the whitepaper of the company says, MDT is a decentralised data exchange built on the Ethereum blockchain. The MDT ecosystem claims to give users control over their data and reward them based on the value the data creates. MDT connects data providers with users and buyers and shows the data's value at the time of exchange. Through this process, MDT claims to create an efficient, transparent, and honest market for data trading.

RewardMe app is the primary offering of the MDT project. This app rewards users for sharing their data. Also, it claims that users' data is anonymised before being shared with buyers. MailTime email messenger, which connects users with a smooth communication experience, was the first service offered by this project. This project also has a decentralised finance offering, which is known as MeFi.

According to CoinMarketCap, which has ranked this token at 572th place, currently 676 million MDTs are in supply, compared to its maximum supply of one billion tokens. If you want to trade this token then this can be done on Binance, OKX, DigiFinex, Hotcoin Global and Crypto.com. This crypto has been under selling pressure for quite a long time. In the last one year, it has corrected 41% after taking today's gains into account.

Also Read: Decentraland (MANA) vs The Sandbox (SAND): How do they stack up?

Although it cannot be said at this moment where this token is moving, some MDT crypto supporters on social media claim that MDT is going to be the next MANA or APE and will rise due to data protection in the metaverse. Despite the fact that MDT has been a part of the market for quite a long time, potential investors need to be highly cautious given its small-market capitalisation. Whether today's price action in MDT crypto is sustainable or it is just a flash on the pan is difficult to say at this moment. 

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