ION token’s sudden rise: What is ION crypto all about?

Highlights

• A relatively unknown cryptocurrency, ION token, has recently risen sharply
• The project comprises a trading platform, with ION native token acting as a medium of exchange
• ION token’s trading volume is low, which highlights the risks that users must consider

“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.

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?

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