Crypto.com listing announcement causes DYM token to skyrocket by 30%
Crypto.com has recently made an exciting announcement regarding the listing of Dymension (DYM), a modular blockchain token, which has sparked interest within the crypto community. This listing on Crypto.com has made DYM accessible to a larger audience as the exchange supports purchases with over 20 fiat currencies. This move is expected to not only increase the token’s trading volume but also its visibility in the market.
The listing news has come at a time when Dymension has experienced a significant price surge, with its value increasing by 100% in just two days. In fact, there was a notable 30% jump after the listing news. As of now, DYM is trading at $7.82, reflecting the positive reaction from the market following its mainnet launch and a substantial airdrop event.
Dymension operates as a decentralized Layer-1 blockchain built on the Cosmos SDK. It allows for the quick deployment of application-specific blockchains called RollApps, which offer enhanced security, interoperability, and liquidity. The DYM token plays a crucial role in this ecosystem, as it allows for the payment of transaction fees and enables token holders to participate in governance decisions through voting.
The platform gained early credibility through a $390 million DYM airdrop to over 528,000 wallets, which immediately caught the attention of the developer community. Despite some initial technical issues, Dymension’s valuation quickly reached $5.2 billion, indicating strong market interest and optimism about its future.
In addition to being listed on Crypto.com, DYM has also been listed on other leading cryptocurrency exchanges such as KuCoin, Kraken, and Binance. These listings have significantly contributed to the token’s trading volume and overall market presence, further increasing its visibility and appeal to investors.
Dymension’s strategic initiatives extend to ongoing airdrops and partnerships, including one with the Pyth Network for a DYM/USD price feed. This partnership aims to increase price visibility and transparency across multiple chains.
The token has quickly risen to the 59th position among cryptocurrencies, surpassing notable tokens like HNT from the Helium network and Fantom’s FTM. Its unique value proposition, particularly its ability to enable developers to create their own application chains using Cosmos Interchain technology, has captured the attention of the developer community.
Analyst onedigitnumber.eth is optimistic about DYM’s growth potential and suggests a target price range of $10-$12, which would be approximately half of Cosmos’s market capitalization. In a strong bull market, the analyst anticipates prices could soar to $40-60, driven by increased enthusiasm, utilization, and further airdrop opportunities.
Meanwhile, Crypto.com has expanded its trading offerings by introducing Strike Options, a derivatives trading feature that allows U.S. users to speculate on crypto price movements. This addition aims to provide users with more trading options and enhance their overall experience on the platform.
