Dentacoin: Bitcoin for Teeth Rises 270%
If the first week of January is any indication, 2018 is shaping up to the year of the altcoins. Case in point: Dentacoin (DCN). The blockchain that calls itself the ‘future of dentistry’ shot up 270% in the span of 9 hours to crack the top 30 list for active cryptocurrencies.
DCN Makes Its Mark
Dentacoin surged to new highs on Sunday, and in the process became a multi-billion-dollar cryptocurrency. The coin, whcih is tracked by the ticker symbol DCN, peaked at $0.008267 at 18:59 UTC, according to CoinMarketCap. That gave Dentacoin a market cap of nearly $2.7 billion.
At last check, the coin was trading at $0.006415, a gain of 180%. The market cap was around $2.1 billion, enough for 28th on the active list of cryptos.
Dentacoin’s trade volumes surpassed $43 million on Sunday, with Europe’s HitBTC accounting for nearly 90% of total transactions.
Sunday wasn’t the first time the DCN token surged in value. It rose more than 90% in mid-December amid a broad upsurge in the cryptocurrency market.
What Investors Need to Know About Dentacoin
Commonly referred to as the dental cryptocurrency, the DCN token aims to make dental care more affordable through crowdfunding. The company raised $2.1 million through a publicly-funded initial coin offering that ran between Oct. 1 and Nov. 1. The ERC-20 compliant token has been developed to be used globally by individuals in need of dental services.
The project claims it will solve specific problems facing the dental industry, including a review platform, blockchain insurance program and healthcare database.
There was no immediate catalyst for the recent price gain, signaling once again that the token was benefiting from altcoin euphoria. That being said, the company has been slowly acquiring partners since the launching of the ICO in early October. This includes signing an agreement with CruisAIDer, a German-based orthodontic manufacturer. As of October, the company was accepting DCN tokens as a form of payment.
Last month, the project announced that a fourth dental clinic would start accepting DCN. The four clinics accepting Dentacoin now include F3T Dental Clinic (U.K.), Swiss Dentaprime (Bulgaria), Dentech Dental Care (India) and Mr Iteeth (Taiwan) were accepting the digital currency.
Dentacoin has a total supply of 8 trillion tokens, with more than 321 billion circulating in supply. The company offered only 3% of its total token amount during its ICO.
Hacked.com gave an independent review of the Dentacoin ICO ahead of the crowdraise.
The company has announced several milestones for 2018, including launching its cornerstone ‘Dental Asurance’ program, an insurance-like model for the blockchain. The project is also planning to launch a second token sale in October.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.