Based on a public blockchain, the crypto is trading on a preferred number of exchanges. Public blockchain will enable people to create their own DubaiCoin by mining them. The price of crypto increased by 1,000 percent over the last 24 hours.
According to Crypto.com, DubaiCoin traded at about $0.17 but pulled up to $1.13 on May 27.
United Arab Emirates (UAE) based company Arabianchain Technology created DubaiCoin. It professes to be the preeminent public blockchain-based cryptocurrency in the Arabic world.
The company stated that DubaiCoin would soon be ready to be practiced for various products and services. This applies to both offline and online services and can replace traditional bank-backed currencies. Both the city and authorized brokers will manage the circulation of the new digital currency, the company stated.
It Seems that DubaiCoin Is Slightly Different from Regular Cryptocurrencies
For example, mining would present the coin volatile. However, then Arabchain has stated that the city of Dubai is regulating its price.
It is possible to qualify as a central bank digital currency. It is the nearest thing to China’s official digital Yuan being examined in the country right now. Some other countries are also contemplating digital versions of flat countries.
Closer home, Indian cryptocurrency platform Polygon has been creating titles. Billionaire investor of Shark Tank fame, Mark Cuban, has spent in Polygon. Its native token, Matic, has passed a market cap of above $10 billion and is now with the top 20 crypto coins in the world.
Furthermore, cryptocurrency prices bounced on Friday after trading lower on Thursday. Bitcoin was trading just over $38,000 at around 9:25 am. It is still trying to cross $40,000 amid China’s crackdown on virtual coins.
Bitcoin has fallen approximately 30 percent this month amid China’s crackdown and Elon Musk’s attention on the environmental influence of crypto mining.