Why is Decentralized Social (DESO) crypto drawing attention?

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Why is Decentralized Social (DESO) crypto drawing attention?

Why is Decentralized Social (DESO) crypto drawing attention?
Image source: © Luisfilipemoreira | Megapixl.com

Highlights:

  • The DeSo blockchain claims to power the Web 3.0 decentralized social networks.
  • The DESO token can be traded on exchanges like Coinbase, CoinEx, etc.
  • DESO coin saw the highest price of US$43.88 in the last 30 days.

The crypto market gained momentum on Tuesday morning, led by gains in the Bitcoin (BTC) price. The market advanced 1.63% to US$1.30 trillion, while Bitcoin (BTC) gained 1.21% to US$30,318.21, narrowing some of the losses in recent sessions in the last 24 hours.

The Decentralized Social (DESO) also saw traction, evidenced by its price surge. The DESO token price was up over 3%, while its volume for the last 24 hours fell by about 69%.

But before we discuss DESO’s gains, let's explore what the DESO blockchain is?

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What is Decentralized Social (DESO) crypto?

The DeSo blockchain, founded by Nader Al-Naji in January 2019, claims to power the Web 3.0 decentralized social networks. It helps solve issues in the centralized social media platforms.

It claims that only a few private companies monopolize the public discourse and earn profits, whereas content creators are often underpaid and under-engaged.

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However, the DeSo social blockchain sees social media content as a public utility and claims to strive to make it permissionless and free access to all.

It seeks to provide open P2P financial solutions that cryptos offer through an efficient, scalable database infrastructure designed to bring next-gen Web 3.0 social networks.

To date, more than 100 apps were built on the DeSo blockchain, which includes Polygram, DeSo Messenger, and Supernovas. The DESO token can be traded on exchanges like Coinbase, CoinEx, Jubi, etc.

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Why is it rising?

Although there is no apparent news for Tuesday’s price gains, the uptick in the broader crypto market may have contributed to its advances.

The DeSo blockchain had also announced the launch of OpenProsper, a social block explorer, on May 16. Its dashboard lets users check the blockchain's key activities and information like creator earnings, wallets, transaction fees, etc.

OpenProsper is a block explorer application built on top of the DeSo Blockchain and functions as an analytics platform similar to Etherscan of the Ethereum ecosystem.

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Decentralized Social (DESO) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The DESO coin was up 3.56% to US$14.06 at 8:20 am ET on May 17, while its volume declined 69.34% to US$738,095 in the last 24 hours. It has a market cap of US$124.92 million, and its fully-diluted market cap is US$151.97 million.

The coin has a max and total supply of over 10.80 million, and its current circulating supply is more than 8.88 million. DESO coin saw the highest price of US$43.88 and the lowest price of US$7.92 in the last 30 days.

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