There are seemingly endless digital assets out there to capture your attention, and
(CCC:XYO-USD) might not be at the top of your list. Maybe it ought to be, though, as the XYO Network coin just received the seal of approval from a prominent crypto exchange.
Now, I know not everyone likes to invest in ultra-low-priced crypto assets. There’s a volatility factor that isn’t typically as noticeable in more established and expensive tokens.
On the other hand, a small allocation toward the tiny XYO Network token might be worth a shot. There’s nothing wrong with holding a few “lotto tickets” in your portfolio, as long as you’re equally prepared to go to the moon or come crashing down to earth.
So, what is this little altcoin all about, and how much (or should I say, how little) does it cost?
Analyzing XYO Network Price Action
Got a dollar and a cryptocurrency trading account? Then you might be able to literally buy dozens of XYO Network tokens, believe it or not.
This coin isn’t nearly as cheap as it used to be, however. At the beginning of 2021, it cost just $0.000244 per coin. That’s 0.0244 cents, just to help you wrap your head around this ultra-low price.
In early April, the XYO Network price shot up suddenly to $0.00846, or 0.846 cents. That’s still not close to a full penny, but it’s progress for sure.
That price point proved to be a resistance level for the next several months. But then came September, and all heck broke loose. Get ready, because now we’ll be talking about full pennies (finally). After breaking through 1 cent in late August, the XYO Network token ramped up quickly in September, reaching a dazzling peak of 5.8 cents on Sept. 10.
The buying frenzy has subsided somewhat, and today the price is around 3.4 cents, which is still much higher than a month ago, making it a huge winner for anyone who took a chance on this little guy.
What Is XYO Network, Anyway?
There was a clear catalyst behind the price spike in XYO Network. However, before getting into that, I should at least explain what this coin is all about.
As Coinbase’s (NASDAQ:COIN) blog explains, the XYO Network token “powers XYO Network, a decentralized network of devices that anonymously collect and validate geospatial data. On the XYO World platform, XYO tokens can be traded for and staked against unique ERC-721 tokens representing real-world locations.”
I’ll admit, it’s a complicated concept. The simplest explanation is that XYO Network is attempting to build a global network where users and developers can validate events that happen in specific geospatial locations and record the associated data to a ledger.
One of the more interesting features of the XYO Network is called Sentinel. As InvestorPlace contributor Brenden Rearick wrote recently, “The Sentinel allows network-enabled devices that come close to one another to record their locations to the blockchain.”
The Bombshell Event
It might take a while to fully educate yourself on the ins and outs of the platform and what it’s capable of achieving. It’s much easier to understand how a Coinbase listing would boost the name recognition and adoption of any token.
Coinbase is one of the most popular crypto exchanges in the United States. It’s also the first crypto exchange to become a publicly traded company. When a cryptocurrency gets added to Coinbase, it tends to see a spike in both price and trading volume.
And that’s exactly what happened with the XYO Network, which began trading on Coinbase on Sept. 9. On that day, the price of XYO Network skyrocketed from roughly 2.16 cents to 3.36 cents. The next day, it spiked to a high of 5.78 cents. Small numbers, yes, but impressive returns on a percentage basis.
The Bottom Line on XYO Network
Getting a foothold into mainstream adoption through Coinbase is a watershed event for any cryptocurrency. So, this may be just the beginning of XYO Network’s time in the sun.
If you are ready to catch the wave of momentum with this still low-priced coin, take a position. But keep it small, as we’re definitely in the early innings here.
Be First to Comment