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Highlights
- Moonbeam (GLMR) is a crypto that aims to maximise the potential of the Polkadot network to offer a better platform to the developers to seamlessly transfer their DApps from Ethereum to Dot network.
- In a way, it can combine the best of both Polkadot and Ethereum under one umbrella making it an easy-to-use, scalable, and interoperable crypto.
- On 21 February, the 192-ranked token was trading at US$2.53 with a trading volume of US$681,020,739 over a day.
Founded by Derek Yoo, Moonbeam (GLMR) is a crypto that aims to maximise the potential of the Polkadot network to offer developers a better platform to seamlessly transfer their DApps from Ethereum to Dot network.
In a way, it can combine the best of both Polkadot and Ethereum platforms under one umbrella to make it an easy-to-use, scalable, and interoperable crypto. By using the Ethereum-compatible smart contract parachain on Polkadot, it can be used to build or redeploy the solidity projects in a substrate environment. The users of the GLMR crypto can take advantage of the features such as on-chain governance, staking etc.
Also read: Hasbulla: Crypto genius or smart influencer?
On 21 February, the token was witnessing a bearish trend, but there was much interest within the investors as the volume was up by over 1,500%.
What is it trending?
There is a spike in interest for the GLMR crypto after it completed its rewards program to Moonbeam Take Flight participants. The program winners are expected to get their rewards in the address specified in the Token Purchase Agreement.
Besides, this will offer the community to use the GLMR token to help the collators produce blocks and handhold them for block liveness. This staking process will help in selecting a productive set of collators.
As Moobeam allows porting of the Ethereum DApps to Polkadot, it can also ensure minimal changes at the time when the front-end DApps are moved between the chains. This will help the Ethereum developers to bypass the scalability challenges that one faces and reduce the cost barriers, which often hamper the porting process.
How is GLMR crypto faring?
On 21 February, the 192-ranked token was trading at US$2.53 with a trading volume of US$681,020,739 over a day. At the time of drafting, the GLMR token was down by 25.16%. However, it did witness a tremendous volume rally of over 1,569.22%. The GLMR token has a live market cap of US$215,549,574 with 85,259,707 GLMR coins in circulation.
Also read: Why crypto assets market pose risk to global financial stability?
The GLMR token has been witnessing a bearish trend and has been taking heavy hits over the past one month. According to CoinGecko, GLMR crypto was down by over 69%. In the last week, its price fell by 43%. This is a big slump considering the token had achieved its all-time high on 11 January after it reached US$19.50.
Conclusion
GLMR does seem to be going through a rough patch at the moment. Its investors would be hoping that it can reverse the trend soon. The next few days will be critical for GLMR token as the projects would be hoping that the recent developments would help them to recover from this bearish trend.
