Should I buy Decred (DCR) in June?
As of May 31, Decred DCR/USD holds a value of $167. DCR is a cryptocurrency that launched in February of 2016 with the intention of facilitating open governance, community interaction as well as sustainable funding policies. It intends to prevent monopoly over voting status, and ensure that all DCR holders have the same chance of making decisions. This means that large institutions cannot really put things in their favor.
Should you buy Decred now?
On May 12, Decred traded at $220 which implies a roughly 25% drop in just a few short weeks. Looking back to April shows similar trends. On April 17 Decred traded at its highest levels of around $235 and dipped below the $100 mark on May 23.
Adding another element of confusion to the DCR thesis is the fact that it was trading at around $39 in late 2020.
So, the question on everyone’s mind is, is DCR a worthy investment at $167?
The immediate thesis is that even after a sharp selloff in May, it didn’t come close to testing its late 2020 value. This gives the impression that the Decred project has a clear following, and that a lot of people are investing in it.
Investing in freedom of choice
Decred has an interesting voting process that is done through voting tickets. Anyone who wants to own a ticket can do so by freezing 5 DCR tokens. A voting ticket enables you to vote on crucial changes on the Decred ecosystem, and to prevent spam, Decred charges 0.1 DCR token on every suggested change. Due to this, no one will submit irrational changes. It implements the Lightning Network Protocol, which makes the transactions quick.
With more than 5,000 cryptocurrencies out there that you could invest in, is Decred a worthy investment in June? The main appeal of this cryptocurrency is the fact that it does something different and brings power back to its users when it comes to the voting potential they have. It keeps the equality factor in check and ensures that everyone’s opinion, suggestion, and idea can be heard. This is a consensus method that is appealing to most people, as you do not have to be a crypto whale in order for your voice to be heard in regard to voting.
From May 23 to May 31, Decred gained 74.56%, which is exceptional, and It has the potential to go up from here. You should invest in it if you can get it at the $165 mark amid expectations for the near-term momentum to continue, if not intensify. However, if there comes a moment where it falls under $100 again, it might not be the wisest investment because it implies sellers are in control and bulls are likely waiting for an even lower price point.
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