Elornd price is up over 19% today, setting it as the biggest gainer on Crypto.com. With a market cap of $9.3 billion and a 24 hour trading volume of $1.2 billion, Elrond definitely got the market’s attention today. Let’s take a closer look at Elrond and its token EGLD and see what all the hype is about.
What Is Elrond?
Launched in September 2020, Elrond describes itself as “The Internet Scale Blockchain.” It’s a highly scalable, fast and secure blockchain-based platform designed for developing dApps and enterprise use.
Elrond is a BEP-20 token hosted on the Binance Smart Chain. It’s available to trade on a multitude of exchanges including Binance, KuCoin, Crypto.com, and much more.
Some interesting features about Elrond include its scalability potential using Adaptive State Sharding. This new technology brings 1000x improvement in throughput compared to previous blockchains.
In addition, the Elrond blockchain is extremely developer friendly, integrating the WASM VM engine, supporting multiple smart contracts languages.
Why Is Elrond Price Rising?
The most recent news regarding Elrond is the announcement on their twitter regarding an integration with Maiar DEX, which processed over 1M+ transactions a day. Moreover, the team is close to the 1M accounts milestone, providing further proof that Elrond is the real deal.
The Maiar DEX launch has ignited a new growth chapter for @ElrondNetwork DeFi, which is reflected in all the key mainnet metrics:
1M+ TXs processed in a day, as we near the 1M accounts milestone.
Internet-scale DeFi is here.
Weekly #elrondtech 🛠️ pic.twitter.com/dAKepWeE5q
— Adrian Dobrita (@AdrianDobrita) November 21, 2021
The recent milestones and partnership with a decentralized exchange are a big reason for Elrond’s recent price hike, which reinforces investors’ confidence in the project.
Elrond Price & Tokenomics
With a current market cap of $9.3 billion, Elrond is close to achieving a $10 billion market cap, a feat only a few cryptocurrencies were able to conquer.
There are a total of 22.7 million Elrond tokens available, with 19.7 million being in circulation. At the time of writing Elrond is the 23rd largest cryptocurrency on the market.
With the rising Ethereum gas fees, scalable blockchains like Elrond are desperately needed to enable the crypto ecosystem to continue its exponential growth. We’ve seen other scalability tokens like Loopring and Celer Network experience dramatic price hikes as well, due to the increasing demand for such projects.
Elrond makes for a great long term for 2022, as scalability projects can potentially be the next big hype in crypto.
Disclosure: This is not trading or investment advice. Always do your own research before buying any cryptocurrency.
Follow us on twitter @themerklehash to stay up to date with the latest cryptocurrency news!