What is Constellation (DAG) crypto and why is it up on Wednesday?

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What is Constellation (DAG) crypto and why is it up on Wednesday?

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 What is Constellation (DAG) crypto and why is it up on Wednesday?
Image source: © Alexanderushkevich | Megapixl.com

Highlights:

  • Constellation (DAG) is a protocol. 
  • Its current market capitalization is US$87.9 million.
  • It was co-founded by Benjamin Jorgensen, Benjamin Diggles, Mathias Goldmann and Wyatt Meldman-Floch in 2017.

The Constellation (DAG) crypto rose against the broader market on Wednesday, which fell 0.78% to US$906.00 billion. DAG gained 1.05% to US$0.0694 at 4:03 am ET.

The crypto market is going through a rough phase, forcing projects to freeze withdrawals to avoid sell-offs. Crypto broker Voyager became the latest victim of the market’s freefall as it came to light on Wednesday that it filed for Chapter 11 bankruptcy protection.

Since the crash of the Terra stablecoin, the volatility in the crypto market has shot up. Some projects were even facing closure because of a liquidity crunch. Crypto projects like Celsius Network, Babel Finance and Vauld have stopped withdrawals to avoid bankruptcy.

Against this backdrop, however, some cryptocurrencies defied the overall market’s direction to post gains. DAG received a significant boost after recently announcing a partnership with location technology platform Foursquare.

What Is Constellation (DAG)?

Constellation (DAG) is a protocol. Its directed acyclic graph architecture provides infinite scalability. DAG, launched in 2017, aims to solve problems of scalability and centralization in blockchain and is designed to process big data and connect external datasets through APIs. 

Co-founded by Benjamin Jorgensen, Benjamin Diggles, Mathias Goldmann and Wyatt Meldman-Floch, the protocol offers scalability by increasing the network’s bandwidth directly proportional to the number of users and current needs. 

Jorgensen serves as the CEO, Diggles as the chief revenue officer, while Mathias Goldmann and Wyatt Meldman-Floch serve as the COO and CTO, respectively. 

Data Source: Coinmarketcap.com

DAG Token:

With a circulating supply of 1.27 billion, DAG’s current market capitalization is US$87.9 million. Its total supply stands at 3.7 billion. Its trading volume surged 8.90% to US$518.5 thousand in the last 24 hours to Wednesday morning. KuCoin, Gate.io, Liquid, and LCX Exchange are some crypto exchanges that offer the DAG token for trading.

Bottom line:

DAG plummeted 65.46% year-to-date and 84.99% on Wednesday from its all-time high (ATH) of US$0.4624 in October 2021. The crypto market is extremely volatile and sans regulations. The recent bankruptcy and withdrawal freeze cases show the market’s weaknesses. Hence, investors must be careful while investing their money in cryptocurrency. 

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