DubaiCoin Rallies By 1,000% 24 Hours, Going From $0.17 To $1.13

A new cryptocurrency that was inspired by the city of Dubai and formed by it named DubaiCoin is viral in the cryptocurrency news for surging 1,000% after only 24 hours. The cryptocurrency is trading on select exchanges and is launched on a public blockchain. Now, we can see how DubaiCoin rallies, making investors rich and boosting the hype even more.

From a price of $0.17, the DubaiCoin cryptocurrency rose to $1.13. Launched by the UAE-based company Arabianchain Technology, this is “the first public blockchain-based cryptocurrency in the Arabic word” as the founders say. The company also stated that people will soon be able to use DubaiCoin for purchasing different products and services – offline and online.

“Circulation of the new digital currency will be controlled by both the city itself and authorised brokers,” the company added in a statement.

We can also see that DubaiCoin rallies but has a different structure compared to other coins. As mining the cryptocurrency increases, it will also lead to higher volatility like all other cryptocurrencies. However, Arabchain noted that the price will be regulated by the city of Dubai only.

GN investigates: The real story behind #DubaiCoin https://t.co/ERfn7NJgnz

— Gulf News (@gulf_news) May 28, 2021

Because of this, some are speculating that DubaiCoin may later on turn to a central bank digital currency, which would be very similar to the digital Yuan which debuted in China and is now tested in the country. Notably, India has similar plans for its RBI and ways to repurpose the fiat with a digital currency.

The performance of DubaiCoin is monitored by experts, and is likely to be followed by some authorities in India who are benchmarking the idea as they attempt to create the country’s first digital currency.

Meanwhile, cryptocurrencies are in a period of increased volatility for the past few weeks. All of this happened when China decided to crack down some virtual coins and impose new rules. The environmental concerns regarding Bitcoin mining have also raised a lot of questions and impacted the entire crypto market.

On Friday, we saw how prices of the popular cryptocurrencies like Bitcoin and Ethereum improved, only to see later on that they again dropped. In the Bitcoin news today, BTC and ETH are currently trading at $36,895 and $2,496, respectively. Investors are still turned back by the volatility of the crypto market and analysts are cautioning against heavy investing until the volatility clears.