Why is CULT DAO (CULT) crypto trending today?

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Why is CULT DAO (CULT) crypto trending today?

 Why is CULT DAO (CULT) crypto trending today?
Image source: © Kanawat | Megapixl.com

Highlights

  • Cult DAO (CULT) is primarily a form of decentralised autonomous organisation which is aimed at accelerating the DeFi revolution to allow the developers, users to launch projects on its platform.
  • The CULT crypto on 12 August was witnessing a rally of 3.01% at 7:30 AM (GMT +1) according to CoinMarketCap.
  • The CULT token on Friday was trading at US $0.000014 with a trading volume of US$52,02,172 as per CoinMarketCap.

Cult DAO (CULT) is primarily a form of decentralised autonomous organisation which is aimed at accelerating the DeFi revolution to allow the developers, users to launch projects on its platform. As a tradable and liquid token, the CULT operates on the Proof-of-Stake protocol which allows the CULT crypto to be staked, converting it to dCULT.

Powered by the Ethereum protocol, the CULT crypto bypasses the traditional financial routes as it does not depend on the bank accounts. It is not traceable in nature and government cannot reach or freeze the assets like they would do in the case of a brick-and-mortar organisation.

The CULT crypto on 12 August was witnessing a rally of 3.01% at 7:30 AM (GMT +1) according to CoinMarketCap.

Why is CULT crypto trending?

The CULT crypto is trending on the back of the news of its token burns. The CULT crypto has burned only a minor set of its crypto as it burnt 0.07 billion. With it, in total, the current burned CULT tokens have reached to 1756.00B, accounting for 26.34% of the total.

Today’s rally should bring smiles to the face of the investors considering the fact that it didn’t have a great luck of late. The CULT crypto in the past two weeks days or so was down by rally is a minor reprieve considering it had been down over the past 23.9%. Even over the past week or so, it was down by 3.5% according to CoinGecko.

The rally is visible in the charts as well as its RSI stood at 45 and this a sharp dip from its past performance.

Image Credit: Trading View

The recent losses are visible in the MACD perspective as well. Despite the gain today, MACD is indicating a dip. The signal line was above the MACD line indicating bearish momentum in the token.

How is Cult Crypto faring?

The CULT token on Friday was trading at US $0.000014 with a trading volume of US$52,02,172 as per CoinMarketCap. The CULT crypto however, was witnessing a minor volume gain of 2.28% in the last 24 hours. CULT had a live market cap of US$6,00,71,106 with 43,18,69,07,30,920 CULT coins in circulation.

CULT crypto’s rally today showcases the volatility in the token and how it has reacted amid price rallies. It’s there therefore critical that one does proper market research before taking important investment decisions.

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