The DAO Trading Resumed At Poloniex After Delayed Deposits

UPDATE: Trading has been resumed!

Today has been quite an exciting day for The DAO enthusiasts, as various exchanges have opened their trading markets for this token. Poloniex is the biggest market, albeit they have run into some trouble already.

The DAO Token Trading On Poloniex

Things were looking quite good for traders of The DAO token, as Poloniex was one of the first platforms to open the trading markets. It did not take long for a significant amount of trading volume started to hit the exchange, and the price start climbing upwards as well. All in all, things were looking good.

One thing that took people by surprise was how The DAO tokens started going up in price with close to 30% within the first few hours. Considering people had plenty of time to invest until earlier today, there seems no direct reason for an immediate price bump. In most cases, prices would start dropping immediately, as a lot of people would be looking to cash out their profit.

But that is not the only strange fact, as Poloniex has temporarily disabled The DAO trading market. The exchange noted there were some issues with deposits which took longer than normal to show up in the exchange’s wallet. It did not take long to resolve that issue, yet trading is still impossible at the time of writing.

This goes to show there is a great interest in trading this token. So much even that it caused exchange wallets to suffer from a hiccup all of a sudden. It should not take all that long until trading is restored on the platform, though, albeit there is no official timeline available right now.

It will be quite interesting to keep an eye on The DAO trading across the exchanges over the coming weeks. Proposals have started to appear, and this will be a thorough test to see how robust this concept really is. After raising roughly US$150m in funding, The DAO has to deliver the goods.

Source: Poloniex

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.