On May 27, the value of DubaiCoin, the city’s own cryptocurrency, increased 1,000% in just 24 hours. Currently, the coin is only available on a few exchanges.
Dubai has developed its first public blockchain-based cryptocurrency. The price of DubaiCoin (DBIX) has risen 1,000% in only 24 hours. Currently, the coin is only available on a few exchanges.
Dubaicoin was selling at around $0.17 on crypto.com on May 27, but it increased to $1.13 on May 27. Arabianchain Technology, located in the United Arab Emirates, established the cryptocurrency. DubaiCoin, according to the business, is the first public blockchain-based cryptocurrency in the Arabic language. People will soon be able to use DubaiCoin to buy items and services both physically and online, according to Arabianchain Technology.
DubaiCoin is unlikely to function in the same way as other cryptocurrencies. As the mining the digital currency grows, it, like all other cryptos, will become more volatile. The fee, however, will be set by the city of Dubai, according to Arabchain.
Authorities in India, who are working on developing the country’s first digital currency, are expected to keep a close eye on DubaiCoin’s performance. When the government announces its proposed cryptocurrency guidelines, anticipate more information on India’s digital currency.
Meanwhile, after China’s crackdown on virtual currencies, the bitcoin market has seen significant volatility in recent weeks. Environmental worries about Bitcoin mining have had a ripple effect across the cryptocurrency sector.
After trading lower on Thursday, the values of prominent cryptocurrencies such as Bitcoin and Ethereum (Ether) rebounded modestly on Friday. However, investors should be aware that the crypto market’s volatility is still significant, and analysts have advised against making large investments.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.