Adoption rate soared but Dash price still face down
Dash is a Bitcoin fork launched on March 25, 2015, by Evan Duffield with a limit of 18,900,000 DASH. Developed from an open-source peer to peer and based on InstantSend and PrivateSend platforms, Dash supports fast transactions without any intermediaries, no one has control over transactions.
Dash is down 96% from an all-time high set in December 2017. It currently ranks 22nd by market capitalization ($ 488 million), with the trading volume of $ 261 million over the past 24 hours.
On December 4, AZCoin News reported that Senior Advisor for Dash Core Group, owner of a “Masternode Shares” service, disappears with the funds of several Dash Investors. The case has sparked the crypto community, and some investors are concerned about the project showing some signs of increasingly looking like an exit scam.
Dash usage is booming
Despite this, the number of Dash wallets operating on Android devices in Venezuela has exploded in 2019. This is obviously to deal with the current economic crisis affecting the nation, with Dash being an attractive alternative to Venezuela’s Bolivar, Petro or even Bitcoin.
This trend was launched by Twitter user Mark Mason, making it clear that this statistic refers to active wallets – used at least once in the past 30 days – not just total downloads. This is an important sign that implies that people are actually using Dash, not just curious about it.
This is NOT total installs, ‘active devices’ shows how many devices that have been online at least once in the past 30 days. pic.twitter.com/cWFADHSRHY
— Mark Mason (@StayDashy) December 6, 2019
As the chart shows, in May there were only 7,597 active wallets, but that number has soared 410% to 38,759. With this trajectory and the fact that in November alone, wallet usage has increased by 27%, it is likely that this number will continue to increase in the near future.
All of this happened when Venezuela was experiencing an economic crisis that has been going on for more than a year. The local currency, Bolivar, has witnessed massive inflation making it an unreliable store of value. Meanwhile, Petro Coin received only a warm response while not having much adoption, despite all the incentives from the government.
Even Bitcoin, while certainly helping Venezuelans in this time of need, may still be less useful than Dash. This is because Dash has significantly smaller transaction fees and faster transaction times. With so much economic uncertainty, the cheapest and most reliable option will probably be the most acceptable.
Price is hovering around the lowest price
Although the ability to help a struggling economy is a huge benefit for adoption, it may not save Dash from some catastrophes. Despite seeing an increasing number of adoption, this has not been able to translate into momentum driving up prices. In fact, Dash is currently hovering around the lowest price crypto assets have ever seen since the market went up in 2017.
Dash price. Source: Trading View
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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