Dash Price Records Gains as Venezuelan Adoption Heats Up

The Dash coin price fluctuated for the most of the day – gaining a few percentage points before losing them again – and eventually ending up with respectable 1.7% growth over twenty-four hours.

Dash cut a hectic path through the market today, opening the day at a price of $244.10 before spiking 3% to $251.87 just two hours later. That was immediately followed by a 3.4% loss over the next four hours which seen the coin value drop back down to $243.08.

Shortly afterwards came a short jump up to $248.41, before a kick back down to the $244 range. The price continued to fluctuate throughout the day, and has just begun to spike again at the time of writing.

More than half of Dash’s trades have come against USDT today, with 55% of the daily total arising from the ZB.COM exchange. BTC comes in as the second most popular trade, but is ultimately some way off the dominance of USDT.

Venezuela Adopts Dash

Dash dropped a press release a couple of days ago which detailed the cryptocurrency’s widespread adoption across the inflation-scarred landscape of Venezuela. In a country where inflation is expected to hit one million percent by the end of the year, the population is already seeking alternatives to the essentially worthless Bolivar – and they seem to be open to using crypto.

Dash now have 541 merchants who accept Dash as a transactional currency in Venezuela. Among them are a range of businesses and ventures, from clothes shops to bakeries to real estate firms. Combined with the 10,000 Dash users already in the country, this makes Dash one of the most popular, and highly concentrated in the country.

Cryptobuyer is one of South America’s most prominent exchanges, and while Bitcoin still accounts for the highest volume of trades overall, it is Dash which is the most transacted on the exchange, in terms of transactions coming from Venezuela.

Treasury System

Dash makes claims to being the world’s first DAO (Decentralized Autonomous Organization), and that is achieved in part through the incentivization model employed in Dash’s governance. The Dash Treasury is a good example of this – where community members receive Dash funding in order to further the Dash cause, based on votes conducted by Dash’s 4,000+ masternode operators.

The head of Venezuela’s Dash Merchant program, Alejandro Echeverria pointed out that 80% of Dash’s recent merchant adoptions came directly from the efforts of community members who received funding through the treasury program. Echeverria said:

“In Venezuela we have over 500 merchants that are accepting Dash, with Dash Merchant Venezuela having onboarded up to 80% of them.”

The idea behind incentivization programs is that everyone will be incentivized to see the network do well, but as Vitalik Buterin pointed out recently, that doesn’t negate the possibility of bribes, and manipulation in general.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.