Digitex Futures (DGTX) Cements Top 100 Position with 194% Two-Week Growth
Digitex Futures (DGTX) started popping up in the market cap top one-hundred in the last few weeks, although any surge was usually met with a corresponding rebound back to the second page of CoinMarketCap.
Now the DGTX token is solidifying its place in the top hundred crypto projects, propelled by 194% growth over the last two weeks. Digitex only began actively trading in May of this year, and since then has grown by over 2,000% despite only being available on two small exchanges.
What Is Digitex Futures?
According to the project announcement page on the Bitcointalk forum:
“Digitex is a commission-free futures exchange where traders can buy and sell futures contracts on the price of BTC/USD, ETH/USD and LTC/USD with zero transaction fees on any trades. Zero trading fees combined with high leverage and an intuitive one click ladder trading interface allow traders to pursue high volume, ultra short term trading strategies without getting killed by commissions.”
The DGTX token appears to be used in a similar way to Binance’s BNB token, with the exception that losses and profits are also paid out in the form of DGTX. The exchange aims to maintain a zero-fee policy by creating and selling its own batch of DGTX tokens each year:
“With its own native currency, called the DGTX token, the exchange covers costs by creating and selling a small number of new DGTX tokens each year instead of charging transaction fees.”
Included in the exchange’s plans is a vow to never require customer ID or personal details, effectively eschewing the KYC demands that have become more common of late. According to Digitex, the exchange never has any access to a user’s funds, with money instead being held in an Ethereum token contract.
As mentioned above, in the token’s five-month half-life thus far, it has only managed to find a listing on two exchanges. But as we’ve seen before, sometimes that can be more than enough to accomodate a bullish run.
DGTX Climbs Against Dollar
Since the August low of $0.004437, DGTX has grown by just over 2,000% en route to Friday evening’s peak of $0.095324. Growth over the last two weeks alone amounts to 194% as the token price climbed from $0.032324, and today’s peak stands as an all-time high for DGTX.
Just a few months ago the token was trading with $2,000 daily volumes and a market capitalization of a few million. Now those volumes have hit $1.3 million, while the market cap has grown to the $60 million range.
Only the DGTX/ETH and DGTX/BTC markets on the Mercatox and Exrates exchanges are available for buyers and sellers, with the ETH market currently making up 85% of DGTX trades.
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.