Why is Elrond (EGLD) crypto gaining attention?

Image Source: © Inueng | Megapixl.com

Highlights:

  • Elrond is a blockchain protocol offering fast transactions through "sharding".
  • The EGLD token is available for trading on exchanges like Binance, OKEx, etc.
  • Elrond’s price plunged to its 90-day low in the last 24 hours.

The Elrond (EGLD) crypto was among the discussed cryptos on social media on Friday as its price dropped below 12% amid a broader crypto market rout. However, its volume jumped over 51% in the last 24 hours to Friday morning.

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What is Elrond (EGLD) crypto?

Elrond is a blockchain protocol offering fast transaction speed through the "sharding" process. It describes itself as a technology ecosystem for the new internet financial technology, decentralized finance (DeFi), and IoT.

Its smart contract platform claims to process 15,000 transactions per second, with six-second latency and US$0.001 per transaction cost.

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The blockchain’s native utility token, eGold or EGLD, has several uses like paying network fees, staking, and rewarding validators. The token can be traded on exchanges like Binance, OKEx, BitMax, etc.

The project was co-founded by brothers, Beniamin and Lucian Mincu and their associate Lucian Todea. The project was first announced in August 2019, but its mainnet went live the following year.

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Data Source: CoinMarketCap.com

Price and recent performance:

The EGLD token was priced at US$68.35 at 11:50 am ET on May 27, down by 12.81%, while its volume for the trailing 24 hours soared 51.69% to US$135.78 million. It has a market cap of US$1.50 billion, and its fully-diluted market cap is US$2.14 billion.

The token's total supply is 23.01 million, the max supply is 31.41 million, and its current circulating supply is over 21.99 million. Its price dropped by 71.86% YTD.

The token saw the highest price of US$152.15 and lowest price of US$66.32 in the last 30 days, while its last 24-hour highest and lowest prices range was US$79.94 and US$66.32, respectively.

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Bottom line:

Its main competitors include Ethereum. It aims to attract more users with its high transaction speed at a low cost. However, investors should exercise due diligence before spending on crypto assets.

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