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Highlights
- DAI (DAI) primarily an Ethereum-powered stablecoin whose value is pegged 1:1 to the US dollar.
- Managed by the Maker Protocol and Maker DAO protocol, it as a collateralised by a mix of other cryptocurrencies, its value can be stored and transferred directly without the need for intermediaries such as banks and other institutions.
- DAI crypto on Tuesday was trading at US$1.00 with a 24-hour trading volume of US$20,87,12,682, according to CoinMarketCap.
DAI (DAI) primarily an Ethereum-powered stablecoin whose value is pegged 1:1 to the US dollar. Managed by the Maker Protocol and Maker DAO protocol, it as a collateralised by a mix of other cryptocurrencies, its value can be stored and transferred directly without the need for intermediaries such as banks and other institutions.
On 12 July, DAI was witnessing a minor rally as it was up by 0.04% along with a volume gain of 10.87% at 12:55 PM (GMT+1).
Why is DAI rallying?
What makes DAI unique compared to its other stablecoin peers is its peg itself. Besides, as it is managed by a DAO, it offers token burn options that gets recorded by Ethereum-powered self-enforcing smart contracts. This makes the transactions of DAI stablecoin a transparent process and is tamper-free.
Besides, the users of the DAI crypto also get voting rights, wherein they can vote on the future governance of the protocol.
The exact reason for the DAI’s rally is still unclear, but it has witnessed greens over the past fortnight. In fact, it has witnessed minor rallies of 0.2% in both 14 days and 7 days, respectively. If we were to look at the charts it would tell you that DAI crypto has managed to maintain a decent momentum despite the recent stablecoins fiasco.
Image credit: Trading View
As of 12 June, the DAI crypto’s RSI still indicated enough interest with its RSI being placed at 52.77 during the intra-day trading.
Even the MACD line is showcasing enough momentum by generating a good enough gap between itself and the signal line indicating that the rally is showing signs of getting stronger.
Price Performance
DAI crypto on Tuesday was trading at US$1.00 with a 24-hour trading volume of US$20,87,12,682, according to CoinMarketCap. The 11-ranked stablecoin had a live market cap of US$6,92,62,67,474 with 6,92,46,78,012 DAI coins in circulation.
DAI protocol also got a boost recently with Celsius paying down US$183 million of its collateralized debt to Maker in DAI stablecoin. Perhaps this may also be one of the reasons for its recent performance in the market.
But if one thing that the stablecoin fiasco of late has taught the market participants is that in the crypto market nothing can be taken for granted. Therefore, while venturing into the crypto market, it’s essential to tread carefully and take investment decisions purely on the basis of market study and research.
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