Encrypgen (DNA) Surges Higher On Gene-Chain Launch
This year has been an incredibly difficult one for crypto traders. Trading losses continue to mount, and crypto companies continue to overpromise and underdeliver. While that might have scared away many traders, it has created an opportunity for those of us that remain. Encrypgen (DNA) is a utility token that has not disappointed. The company has continued to meet its roadmap deadlines. During the summer, Encrypgen released the beta version of its Gene-Chain. And yesterday, the company made history by launching the world’s first blockchain genomic data marketplace.
Encrypgen DNA Token Surging
As shown in the chart below, the price of DNA is surging by more than 8% since the launch of the Gene-Chain. Additionally, the price increase is coming with significantly higher than normal volume.
Although CMC shows the price at $0.0504, it’s significantly higher on Cryptopia and KuCoin which offer a DNA/BTC trading pair. It’s currently trading at $0.054 on both of those exchanges. It’s unclear how high the coin will trade over the next several days, but the coin did trade above $0.08 after the Gene-Chain beta launch in August. Given that this is even bigger news, I wouldn’t be surprised to see DNA trade at that level again.
What is the Gene-Chain?
This marketplace (Gene-Chain) will bring together buyers and sellers to facilitate the exchange of genomic data. The sellers will be consumers, like you and me, that are looking to make some additional income in exchange for selling genomic data. And the buyers will be primarily researchers and scientists. Encrypgen has implemented a “buy now” option that will allow buyers to convert BTC and ETH instantly into DNA tokens. These DNA tokens can then be used to purchase the data from the sellers.
So how will all this this impact the price of the token? Encrypgen has a supply of roughly 3 million tokens that will be sold to token buyers on the Gene-Chain. As the supply decreases, the company can go to the exchanges and accumulate more to bring the supply back up to 3 million. These market orders placed by the company should certainly drive the price higher. In addition, researchers have the option to buy directly from the exchanges. This will dramatically increase DNA’s current volume and the token price will likely soar. Given that the price of the token surged right after the launch yesterday, it’s entirely possible that researchers are currently buying DNA.
Data sets will be an important part of the puzzle for Encrypgen. The token will become significantly more valuable as more data sets are uploaded to the Gene-Chain. I know the company has set a preliminary goal of having 5,000 data sets. If that happens, the token will likely be trading north of $1.00.
Encrypgen’s marketing team is currently running a campaign to try and find consumers who are interested in selling their genomic data. Additionally, the company is pursuing strategic partnerships that could make it easier to find data sellers and, consequently, more data sets. Crypto traders should stay tuned as I fully expect partnership news to trickle in over the next several months.
I’ve written about Encrypgen before as it’s one of the few crypto companies that appears to be meeting all its deadlines and achieving its goals. After being burned a few times in the past, I prefer to stick with honest, hard-working, dedicated companies that know exactly what’s needed to succeed. Encrypgen continues to impress me and the future looks extremely bright.
Featured image courtesy of Shutterstock.