thecoinrepublic.com
- DubaiCoin was launched by United Arab Emirates (UAE) based company Arabianchain Technology
- Dubai based cryptocurrency coin market cap surges by 1000% in the last 24 hours
- In coming days it is expected to spike up further
UAE has made a big splash in the world of cryptocurrencies. The Arab nation, recently launched its very own cryptocurrency. DubaiCoin (DBIX) is country’s very own crypto marketcap has risen by 1000% in the last 24 hours. The cryptocurrency is based on Arabchain technology, which is touted as the first blockchain in the Arab world. DBIX cryptocurrency can be compared to the Digital Yuan, which China will release. DubaiCoin circulation will be controlled by the city & authorized brokers, and it can be used to pay for goods and services in Dubai.
Even though DBIX is yet to be get listed on any exchange or get an official nor has not obtained sanction by any official body, and this fact has been confirmed by the city of Dubai. The official Dubai Media Office has tweeted that the digital token website is conducting a phishing operation to steal personal information.
What is DubaiCoin (DBIX)?
DBIX was launched by United Arab Emirates (UAE) based company Arabianchain Technology. It claims to be the first public blockchain based cryptocurrency in the Arabic world. The company said in a statement that DubaiCoin will be expanded for wide range of products and services and it could replace the traditional bank-backed currencies. “Circulation of the new digital currency will be controlled by both the city itself and authorized brokers,” the company said.
Dubai has one of the most investor-friendly environments in the world and is also a haven for cryptocurrencies traders. Relief Fund had recently set up an entity in Dubai to convert the cryptocurrency it received to fiat currencies.
However specific facts have not been cleared by the company when it said that the city of Dubai would be regulating DBIX price. It is not clear if the DubaiCoin seeks to be a replacement for central bank digital currency (CBDC) alongside the national currency Dirham. If it is true, the crypto money will enjoy a fair bit of stability since Dirham is always stable against the USD.
Dubai which was listed at USD$0.09343 is presently trading at USD $1.13. As the price is still young, technical struggle to give an exact idea behind the trend of the coin.
The RSI line is spiked and present in the overbought zone. As for price action, the price started a rally as soon as it was listed. It went under consolidation between $0.505-$0.519 before restarting the bull run. Investors can ride the trend if they believe in the growth of 1st ever cryptocoin of Dubai. However, Investors must be cautious with the possibility of huge dips in the coin price.