What is ATA token? Is it a good investment for you?

3 min read | August 26, 2021 08:58 PM AEST | By Suhita Poddar

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What is ATA token? Is it a good investment for you? — Image source: Phongphan, Shutterstock.com

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Highlights

Automata Network (ATA) is a decentralized service protocol which enables the dApps (decentralised applications) on Ethereum and Polkadot to achieve frictionless computing operations along with security.

Launched on Binance platform in June 2021, it is one of the newest cryptocurrencies in the market.

Automata Network (ATA) is a decentralized service protocol which enables the dApps (decentralised applications) on Ethereum and Polkadot to achieve frictionless computing operations along with security. Launched on Binance platform in June this year, it is one of the newest cryptocurrencies in the market. Barely two months into the market, ATA token has been one of much talked about coins in the market at the moment due to its spike in the volume that it has witnessed in the past couple of weeks.

Why is ATA so unique?

Being a go-to privacy service for the DeFi and Web3, ATA its compelling proposition of privacy middleware, offers great benefit to the users. The ATA token holders get the rights to not only create but also ensure that they have their say in the platform features and the network parameters. It allows the users to mine and earn rewards in the process. It allows the miners to earn the ATA token and also execute the transaction on the users behalf on the network. Besides with Binance’s strong support and promotion has in fact prompted many investors to trust the newly launched token.

Is ATA a good investment for you?

ATA is ranked 249 on CoinMarketCap and has grown strongly in the crypto market. According to CoinMarketCap, the ATA is trading at US $1.55 with a 24-hour trading volume of US $1,82,99,80,713. At the time of writing (BST 10:45 am), ATA was up by 149% in the last 24 hours largely to the volume spike of 5801%. ATA currently has a live market cap of US $26,73,43,622. It has a circulating supply of 17,22,52,000 ATA coins.

Having said that, few sceptics have also pointed out as it’s a completely new coin, it is prone to volatility and the short-term gains cannot be considered as an indicator of the coin’s performance. Besides, Automata themselves on their Twitter account had warned the users to not to believe in hearsay and that one needs to take a decision based on their priorities.

Conclusion

With ATA wanting to strongly establish itself as the go-to privacy solution for DeFi and the wider Web3 environment, it will need time to consolidate before we can take a call on how investment worthy will be the coin. The current trend has shown a huge spike and a great investment opportunity for people who are looking to trade for short-term gains.

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