Dash Price Rises More Than 20% Following Hyperinflation In Venezuela

The price of DASH is right now experiencing a price surge. The thirteenth largest cryptocurrency by market cap has risen about 20% in the space of 24 hours after Venezuela indicated that it is experiencing a solid increase in adoption by its users.

With this, DASH rose over 20% in only 2 days – from $145 to its current price of $194, coming close to the $200 margin and building a solid market cap of $1.6 billion.

More and more Venezuelans are fleeing the bolivar’s six-figure inflation rate. According to reports by CCN, the Venezuelan president Nicholas Maduro announced the creation of the “Sovereign Bolivar” which will be a new currency replacing the near-worthless bolivar, which had an inflation rate of 100,000 percent. The new bolivar will be pegged to the value of Petro, which is a new state-sanctioned digital currency backed by the country’s oil production.

In times when Venezuela’s annual inflation rate is projected to hit 1,000,000% by the end of this year, Venezuelans have balked at the new arrangement and seem to like to stick with the stability offered by Bitcoin and other cryptocurrencies.

The CEO of Dash Core Group talked to Business Insider about the current situation in Venezuela and the adoption of DASH, stating the following:

“We are seeing tens of thousands of wallet downloads from the country each month. Earlier this year, Venezuela became our No. 2 market, even ahead of China and Russia, which are, of course, huge into cryptocurrency right now…It took them a long time to get the first 50, first 100, but at the beginning of July, the number was around 400, and we’re already at 800. We’re at this point signing up more than 200 a month.”

The latest market surge, according to some, has been driven by the announcement of the partnership between Dash and Kripto Mobile, which is a South American company that manufactures mobile phones which come pre-equipped with the DASH ecosystem, wallets and the Bitrefill app.