Elrond’s native token EGLD is currently one of the few top 50 cryptocurrencies that are in the green today thanks to a slew of developments including the launch of its new Launchpad called Chainboost.
EGLD is currently trading at $153 after a 9.79% gain in the last 24 hours courtesy of a wave of strong buying volume. The cryptocurrency is now aiming at the recent monthly high of $159.90 which it achieved a week ago but there might be more room for growth given the magnitude of Elrond’s recent developments.
Source: Binance
The recent price pump allowed EGLD to recover from the dip it experienced in the last few days. However, the price increase was supported by significant buying volume which is still relatively low. Meanwhile, the cryptocurrency is just coming off the oversold zone and has room for some more gains.
EGLD’s biggest price catalyst in the last few days was the announcement that it will onboard a crypto Launchpad called Chainboost which will help Elrond to attract NFT and DeFi projects. The announcement highlights Elron’s aggressive focus on tapping into the opportunities in the NFT market which is currently one of the fastest-growing segments in the decentralized world.
The Launchpad integration will put Elrond on par with networks such as Cardano and it will also allow it to leverage the demand for projects looking to increase their chances of a successful launch. Chainboost will not only benefit crypto projects but also fuel more adoption of the EGLD token especially for staking and transactions. The more projects that launch on the Elrond blockchain, the more the transactions, which will add more value to the protocol.
Other announcements have also contributed to the hype and bullishness around EGLD this week. They include the announcement that improvements in the Rust framework will facilitate smaller smart contracts that can store more data, making Elrond more attractive for powering microservices. This development adds more appeal to the Elrond blockchain. It might also be an adoption catalyst now that many crypto projects are looking for a network that charges lower fees while providing high-quality services.
The lack of enough experts in smart contract programming is one of the reasons why DeFi is moving but not at the pace it could be. However, Elrond has implemented innovative architectural changes that make it easier for people to build smart contracts without any coding experience thanks to a platform called MyWish. This move might make the protocol more appealing to the mass market and it aligns with the network’s intention to leverage the fast-paced DeFi market.
Elrond is shaping up to be one of the leading blockchain networks and its latest developments highlight a focus towards continued growth. The value that the protocol will generate will contribute to EGLD’s growth in the next few years, which makes it one of the best coins for long-term hodling. Note that it only has just over 19 million coins in circulating supply and its current market cap is $2.9 billion which in the tokenomics world means it is still heavily discounted even at its current price level.
Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.
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