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Highlights
- On 16 May, Songbird Crypto (SGB) hit its all-time low of US$0.01652607, according to CoinGecko.
- Songbird is basically the Canary Network for Flare that helps the Flare Network to update itself while testing its new features in the long run.
- Listed in September 2021, Songbird had a decent start, but the prices of the SGB token have been plunging since the Flare Network started preparing for its launch.
Songbird is primarily a Canary Network for Flare, which mirrors the Kusama protocol’s functioning to Polkadot. Governed by its native token SGB, the Songbird crypto on 16 May was creating ripples in the market after it slumped to its all-time low of US$0.01652607.
SGB crypto has been on a bearish run for some time now registering losses of 69.9% in the past 30 days, according to CoinGecko. The token has largely been affected by the overall bearish market sentiments in the market, which saw the global crypto market cap shrink to US$1.27 trillion last week.
What is Songbird crypto and how is it different?
Songbird, the canary network, was developed to test the characteristics of the upcoming Flare network. Canary networks are basically the functioning blockchains that are utilised as testing bases for the mainnet, allowing developers to operate without facing any obstacles. Songbird boasts of being one of the few canary networks that are in operation in the crypto space.
Being a canary network, the Songbird crypto boasts of the total supply of 15,969,863,014 SGB tokens. Canary networks are better than testnets as they provide the developers with precise economic conditions. The technology behind Songbird, Flare, is a cheap and extremely decentralised smart contract platform having a low carbon footprint along with high scalability. The two major products provided by Flare are Flare Time Series Oracles (FTSO) and F-Asset.
Also read: Why is UK Treasury legalising stablecoins despite Terra crash?
Songbird will help in updating the Flare Network while testing its new features in the long run. With testing the Flare Network being its core utility, Songbird is also getting exposure to secondary utilities. The collaboration of Flare and Allianceblock as well as the launch of the DEX FLareX took place on the Songbird Network.
How is Songbird crypto faring in the market?
Listed in September 2021, the Songbird crypto plays an important role in the crypto industry despite its falling trend as it allows the tokens to trade without the smart contracts.
With a market cap of US$150,088,057, the price of SGB stood at US$0.01881260 at around 1:30 PM (GMT+1) as of 16 May 2022, according to CoinGecko. In the past 24 hours, there has been a decline of 24% in SGB’s price. Meanwhile, SGB’s trading volume stood at US$3,278,542 over the day.
Also read: What does Terra's (LUNA) realistic revival plan look like?
While the SGB investors will be hoping for a reversal of fortunes soon, one must keep in mind that crypto markets are a volatile in nature, and its prices can change at any given point in time. Therefore, it’s important that one does market research properly before taking any investment decisions.
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