Recap of The First 24 Hours of Trading The DAO Token

Now that people can trade The DAO tokens, various exchanges are trying to compete for the top spot. Poloniex remains the clear market leader, and Kraken is taking a bigger lead over Bittrex than yesterday. These are still the very early days of trading this token, though, and things may very well change over the next few weeks.

The DAO Trading Overview – First 24 hours

TheMerkle_Trading Vclume The DAO Trading May 29

The first 24 hours are always important for a new asset or cryptocurrency being traded across exchanges and different currencies. For holders of The DAO tokens, these are exciting times, as the crowdsale ended yesterday, and there seems to be a growing demand for these tokens across all platforms.

Based on the exchange statistics provided by Cryptocompare, the majority of trading is taking place in the Bitcoin market. Ethereum is in the second position, followed by CNY and EUR. Especially this latter one comes as a surprise, as a lot of people expected USD or JPY trading to be in the top four somewhere, but they are noticeably absent.

Poloniex is the biggest exchange for trading The DAO tokens so far, which does not come as a complete surprise either. They were one of the first to open the markets, and they have always been a well-respected exchange among cryptocurrency enthusiasts. Kraken is in second place, and Bittrex is closing out the top three.

Over the past 24 hours, The DAO token trading has seen over 9,000 Bitcoin in trading volume, which is quite a good start for a new trading market. Although this has not done much for the price of The DAO token, other than cause a price decline. With over 1 billion tokens in circulation, it is not sure how much this price can go up, albeit there are always possibilities to that extent.

Taking a look at the overall Bitcoin markets, Bter and Yunbi are starting to make a name for themselves as well. More exchanges are expected to open up a The DAO token trading market over the next few days, though, and we will have a better picture of this situation by the time the next weekend comes around.

Source: CryptoCompare

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