Encrypgen (DNA) Surges 50% On Heavy Volume
As the new year begins, crypto traders are certainly filled with hope that 2019 will be more bullish than last year. There was an article I read a few days ago that laid out some really strong reasons why traders should be optimistic about cryptocurrency in 2019. The logic is sound. And while diversified crypto portfolios are always the best bet, traders may want to make Encrypgen (DNA) a large part of their portfolios. I expect DNA to be one of 2019’s top performing tokens.
Strong Trading Session
During the past six months, I’ve written extensively on Encrypgen as I feel the company has significant potential. And now, with the new year upon us, it appears that other traders are finally catching on. DNA exploded nearly 50% on one of its largest volume days in recent history. The coin has since re-traced but is still up approximately 30% (as of this writing).
This is especially significant because of the large sell wall that had been in place for weeks. One large token holder needed to exit the position for personal reasons. And those tokens are now held in strong hands who believe in the project. Now that the sell wall has broken, DNA hodlers can expect significant growth, both in the business and in the token price.
Encrypgen Team Focused On Business Growth
While not true for many crypto projects, Encrypgen has been focused on the core business regardless of the token price. In December, Encrypgen announced a partnership with Murrieta Genomics. This has the potential to be an invaluable partnership as Encrypgen continues to see increasing genomic data sets uploaded to the Gene-Chain.
In addition to working on getting consumers to upload their genomic data sets, Encrypgen is also getting researchers to sign-on to the platform. For a true marketplace to occur, it is of course necessary to have both buyers and sellers. On the Gene-Chain, consumers are the sellers and researchers are the buyers. Researchers will use DNA tokens to purchase data direct from consumers. This volume is what will end up driving the DNA token price. The vision is for Encrypgen to become the Amazon.com of genomic data.
Future Developments in 2019
As the company continues to progress, token holders can expect significant developments throughout the rest of the year. Some of these expected developments include:
- Additional Partnerships
- Venture Capital Funding
- Genomic Data Set Growth
- New Exchange Listings
There is no doubt that cryptocurrency can be a momentum game at times. And now with the recent surge in DNA trading, Encrypgen appears to have significant momentum. The question will be if the company can maintain it.
DNA token hodlers can expect to see a barrage of news coming out in the next few weeks and beyond. Many of these announcements will center around additional partnerships that will help drive the company’s core business. In addition to that, the company is securing additional funding from a venture capital deal. If a VC deal is completed, it could have a significant impact on the token price. As the business progresses, it will also be important to keep an eye out for signs of growth in the number of genomic data sets that consumers have uploaded to the Gene-Chain. The more sets that are available, the more transactions that will occur between consumers and researchers.
Lastly, but probably least importantly, will be news regarding new exchanges. Encrypgen maintains its position that it will not pay bribes to have its token listed on exchanges. And that is certainly the right decision. But, hopefully, legitimate large exchanges like Bittrex will see the potential that the DNA token has and list it. If that happens, it would be a boon for the DNA token price.
Encrypgen remains the top position in my portfolio. Although 2018 was a rough year, I certainly expect that to turn around during the next 12 months. And while I expect many altcoins to participate in a crypto rally, I fully expect DNA to be a top performer.
Disclosure: Chris has a long position in DNA
Featured image courtesy of Shutterstock.