Decentralized Social (DESO) crypto: Why is this token seeing a fall today?

Highlights

• Decentralized Social (DESO) crypto is a new blockchain protocol that is designed to power the Web 3 decentralised social networks.
• The DESO crypto aims to offer utility to the platform, thereby making it permissionless in nature.
• On 11 July, the DESO crypto was trading at US$8.04 with a trading volume of US $1,47,062 over a day as per CoinMarketCap.

Decentralized Social (DESO) crypto is a new blockchain protocol that is designed to power the Web 3 decentralised social networks. Since it was launched in 2019, the DESO crypto as a hybrid peer-to-peer protocol aims to ensure that it offers the users with requisite tools with features of intuitiveness.

Being a decentralised social networks protocol, the DESO crypto aims to offer utility to the platform, thereby making it permissionless in nature. Launched by Nader Al-Naji, it offers the content creators to drive more from their content by paying them handsomely, thereby reducing the monopoly of the private enterprises.

The 292-ranked token on Monday was witnessing a fall of over 0.52% and a volume decline of over 32% at 11:00 AM (GMT +1), according to CoinMarketCap.  

Why is DESO crypto down today?

The exact reason for DESO crypto’s downfall on 11 July is unclear, but it could be due to the bearish trend the overall crypto market is witnessing. The global crypto market cap on Monday was down by 2.61% and was at US$916.55 billion with a 24-hour trading volume of US$55.20 billion.

Today’s dip will definitely be a hit considering it had barely managed to see over the past week, after months of struggling with bearishness. The DESO crypto last week was up by 4.9%, according to CoinGecko. But DESO crypto still seems to be running low on gas overall. In fact, if we were to look at the charts it would indicate the lack of momentum in the token.

Image credit: Trading View

The RSI of DESO crypto stood at 42.19 indicating investors are looking to adopt a wait-and-watch approach at the moment.

Even the MACD seems to have steadied after showing signs of rising with the signal line catching up with the MACD line.                 

The token is unique because of its Interplanetary File System (IFPS) feature that ensures that it can achieve its efficiency against any form of spam or hacks. 

DESO cryptos price performance? 

On 11 July, the DESO crypto was trading at US$8.04 with a trading volume of US $1,47,062 over a day as per CoinMarketCap. DESO had a live market cap of $7,14,51,843 with a circulating supply of 88,84,536 DESO coins.

DESO despite its indifferent luck, the token remains committed to making the most frictionless and utility-driven blockchain ever and as of 10 July, it already has lined up five new projects lined up that will be built on the DESO platform.

But as the market continues to traverse through the wild swings of the crypto market, it is critical for crypto investors to ensure that they are vigilant and make sure that they only enter the market after a thorough study of the tokens and overall market. 

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