Up 70% in 24 hours: Why is Aragon (ANT) crypto racing higher?

Highlights

• BTC and other cryptos are rising at the moment, but the ANT token has appreciated more
• Aragon claims to provide DAO services to developers, with tokenisation for the community
• The ANT crypto has lost on a year-to-date basis, with price remaining volatile through his year

Cryptos are bouncing back with Bitcoin (BTC) having registered 3% appreciation in the past 24 hours. A slew of negative forces including Bill Gates’ crypto remark and a supersized rate hike by the Fed seem to be having no bad impact.

One crypto that is rising even more sharply is Aragon (ANT). An upward movement is noticeable in its price and trading volume. What is Aragon, and how has this altcoin behaved in the medium-term? Let us explore what the project does in the cryptoverse, and what is pushing its price right now.

What is Aragon cryptocurrency?

The primary service the project provides is a suite to create new decentralised autonomous organisations (DAOs). Aragon seems to be betting heavily on DAOs, which are nothing but communities without any centralised control. Aragon Client claims developers can use it to raise funds and infuse transparency in the governance of the group.

Aragon is also said to provide tokenisation services, which it claims can boost tokenomics, a concept where centralised entities like banks do not act as intermediaries. Aragon offers plug-ins and an open-source network for developers to build DAOs. It is claimed that more than 3,800 DAOs have used Aragon’s services for their launch.

Also read: What’s on the cards for cryptocurrencies? End of the road or new start?

What is ANT token?

ANT is native to the Aragon ecosystem. It is said that ANT will act as the coordination mechanism of any DAO created using Aragon services. Token holders can vote on governance matters, besides staking their holding to participate in the resolution of any dispute.

ANT crypto price

The ANT crypto’s market cap is over US$80 million. According to CoinMarketCap, ANT’s price and trading volume have witnessed a huge upward movement of late. As of writing, the trading volume is up almost 1,000%, which seems to have pushed the price as well, up more than 70%.

The ANT token is trading at nearly US$2.2, which is significantly less as compared to its price of US$14 at the start of this year. Its price trajectory has remained in the red throughout this year. A limited hike in price was noticed in the last days of January, however, this proved to be short-lived.

The ANT crypto is said to be trading on exchanges like Binance and MEXC. Over 39.6 million tokens are in supply right now.

Data provided by CoinMarketCap.com

Why is ANT gaining?

One of the reasons behind the ANT price hike could be the renewed interest in decentralised setting after the suspension imposed by Celsius Network on crypto withdrawals. Celsius is said to be a centralised platform. A decentralised protocol, Rari Governance has also witnessed a sharp spike recently.

Also read: Rari Governance Token price up 100%: Why is RGT crypto gaining?

Bottom line

Bitcoin has gained over the past one day and so have many other assets of the cryptoverse. The ANT crypto is not among the top 100 assets, but it has rallied more. Aragon provides DAO services to developers, which can be used to build decentralised communities. How it performs for the remainder of this year cannot be said, and ANT crypto price prediction can be speculative.

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