What is Constellation (DAG) crypto and why is it up on Wednesday? - Kalkine Media

July 06, 2022 07:33 PM AEST | By Versha Jain
Follow us on Google News:


  • Constellation (DAG) is a protocol. 
  • Its current market capitalization is US$87.9 million.
  • It was co-founded by Benjamin Jorgensen, Benjamin Diggles, Mathias Goldmann and Wyatt Meldman-Floch in 2017.

The Constellation (DAG) crypto rose against the broader market on Wednesday, which fell 0.78% to US$906.00 billion. DAG gained 1.05% to US$0.0694 at 4:03 am ET.

The crypto market is going through a rough phase, forcing projects to freeze withdrawals to avoid sell-offs. Crypto broker Voyager became the latest victim of the market’s freefall as it came to light on Wednesday that it filed for Chapter 11 bankruptcy protection.

Since the crash of the Terra stablecoin, the volatility in the crypto market has shot up. Some projects were even facing closure because of a liquidity crunch. Crypto projects like Celsius Network, Babel Finance and Vauld have stopped withdrawals to avoid bankruptcy.

Against this backdrop, however, some cryptocurrencies defied the overall market’s direction to post gains. DAG received a significant boost after recently announcing a partnership with location technology platform Foursquare.

What Is Constellation (DAG)?

Constellation (DAG) is a protocol. Its directed acyclic graph architecture provides infinite scalability. DAG, launched in 2017, aims to solve problems of scalability and centralization in blockchain and is designed to process big data and connect external datasets through APIs. 

Co-founded by Benjamin Jorgensen, Benjamin Diggles, Mathias Goldmann and Wyatt Meldman-Floch, the protocol offers scalability by increasing the network’s bandwidth directly proportional to the number of users and current needs. 

Jorgensen serves as the CEO, Diggles as the chief revenue officer, while Mathias Goldmann and Wyatt Meldman-Floch serve as the COO and CTO, respectively. 

Data Source: Coinmarketcap.com

DAG Token:

With a circulating supply of 1.27 billion, DAG’s current market capitalization is US$87.9 million. Its total supply stands at 3.7 billion. Its trading volume surged 8.90% to US$518.5 thousand in the last 24 hours to Wednesday morning. KuCoin, Gate.io, Liquid, and LCX Exchange are some crypto exchanges that offer the DAG token for trading.

Bottom line:

DAG plummeted 65.46% year-to-date and 84.99% on Wednesday from its all-time high (ATH) of US$0.4624 in October 2021. The crypto market is extremely volatile and sans regulations. The recent bankruptcy and withdrawal freeze cases show the market’s weaknesses. Hence, investors must be careful while investing their money in cryptocurrency. 


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK