CORE DAO’s Rising Popularity: Top 5 in Active Users and What’s Next

Last Updated on November 7, 2024 by SPN Editor

CORE DAO has recently achieved a notable milestone, becoming one of the top five blockchains by unique active wallets. Over the past week, Core has seen significant growth, with over 2.2 million unique active wallets recorded. This surge in user activity highlights increasing confidence and interest in Core’s blockchain ecosystem.

Additionally, the platform experienced more than 6.5 million transactions and saw its Total Value Locked (TVL) increase by an additional $100,000. This surge in engagement and activity further solidifies Core’s position as a major player in the decentralized finance (DeFi) space. Core’s innovative combination of Bitcoin’s security features and DeFi functionalities continues to attract both DeFi advocates and Bitcoin enthusiasts alike.

This achievement supports Core’s dedication to providing a secure, scalable, and user-friendly blockchain experience. As the platform continues to expand, it aims to drive growth within the blockchain community and redefine the DeFi sector.

Since peaking at $6.47 on February 8, 2023, the CORE token has experienced significant ups and downs. By November 3, 2023, it had fallen to a record low of $0.3432, a substantial 83.23% decrease from its peak. Despite this sharp decline, CORE has shown remarkable resilience, recovering by over 215.94% and stabilizing above the critical $1.00 support level. This impressive recovery has rekindled interest in the token, prompting discussions about its future potential and market outlook.

CORE DAO’s Market Journey: Stability Amidst Volatility

Recent trends indicate that CORE DAO has stabilized, maintaining a steady price around $0.93, reflecting a 12.05% increase over the past 24 hours. The Fear & Greed Index shows a neutral market sentiment at 54, while technical indicators suggest a balanced outlook. The 50-day Simple Moving Average (SMA) is at $1.00, and the 200-day SMA is slightly higher at $1.18, indicating cautious stability.

Additional metrics reinforce this cautious optimism. CORE has experienced 16 green trading days out of the last 30, with a price volatility of 10.09%. This relative stability, along with its ability to maintain a key support level above $1.00, positions CORE as a noteworthy token in the cryptocurrency market.

Technical Analysis: Indicators of Market Consolidation

Bollinger Bands: The weekly Bollinger Bands for CORE are tightening, indicating reduced volatility. With prices near the middle band at $1.3253, the market is in a consolidation phase. A breakout above this level could push CORE towards the 23.6% Fibonacci resistance at $1.6856. Conversely, a retreat might test support around $0.600.

Relative Strength Index (RSI): The 14-day RSI is at 47.45, indicating a sideways trend with limited momentum. This could continue unless the RSI breaks above 50, potentially leading to a test of $1.6856 resistance. A drop below 50 could result in a downward movement towards $0.3465 support.

Moving Average Convergence Divergence (MACD): The MACD shows potential bullish momentum, with the line at 0.0930 moving towards the zero line. Shrinking red bars on the histogram suggest easing bearish pressure, indicating a potential bullish reversal towards $1.6856 or even $2.7094.

Core’s Unique Features

Launched in January 2023, Core DAO (CORE) distinguishes itself with a unique governance and security approach. Operating as a decentralized autonomous organization (DAO), Core enables token holders to influence decision-making processes. Its Satoshi Plus Consensus, which combines Proof of Work (PoW) with Delegated Proof of Stake (DPoS), allows Bitcoin miners to either delegate hash power to validators or run their own, thus enhancing security and scalability. The DPoS model also includes smaller token holders in the governance process, promoting inclusivity.

Core’s compatibility with Ethereum’s Virtual Machine (EVM) supports smart contracts and decentralized applications (DApps). Its partnership with LayerZero facilitates seamless asset transfers between the Binance Smart Chain and Ethereum, enhancing interoperability. Features like the CORE Faucet and account abstraction add security and flexibility, allowing users to cover fees with free CORE tokens after bridging USDT.

Tokenomics and Market Position

CORE DAO’s tokenomics include a capped supply of 2.1 billion CORE tokens and periodic burns to create scarcity and add value. Currently, 910.6 million tokens (43.36% of total supply) are in circulation. As more tokens enter the market, liquidity is expected to increase, attracting investor interest.

CORE’s market cap stands at $978 million, placing it among the top 70 cryptocurrencies globally. An impressive 111.28% surge in trading volume within 24 hours indicates significant market interest. A volume-to-market cap ratio of 8.21% suggests active trader participation, contributing to positive momentum.

CORE’s Prospects: Stability, Growth, and Future Innovations

As CORE navigates the volatile crypto market, its innovative consensus model, robust governance structure, and strong interoperability position it as a potential leader in the Web3 space. The development team, though anonymous, has ambitious plans, including the integration of zero-knowledge functionalities to enhance privacy and scalability.

The token’s recovery and maintenance of key support levels above $1.00 have attracted attention. While broader market conditions and investor sentiment remain influential, CORE’s market indicators and positive trading volume hint at a promising outlook.

For investors, CORE offers opportunities for growth and a case study in the resilience of innovative blockchain projects. The evolving market dynamics and upcoming developments make CORE a compelling token to watch.

CORE DAO Price Predictions: 2025-2030

Based on the latest news reports and developments in the crypto market trends, here are the expected projections for Core’s price: it is anticipated to reach around $20.50, with a minimum price of approximately $2.70 by 2030.

CORE DAO Price Prediction 2025

Coin Edition projects that CORE could surge to $7.0350, driven by bullish momentum post-2024 BTC halving. However, a market correction could see it dip to $3.5691 as the initial excitement wanes.

CORE DAO Price Prediction 2026

CORE might rise to $5.5424, supported by growing adoption and institutional interest. Coin Edition also warns of potential corrections, which could push the price down to $2.7094 amid bearish cycles.

CORE DAO Price Prediction 2027

With the anticipation of the 2028 BTC halving, CORE may climb to $9.50 as market sentiment strengthens. However, community uncertainty could lead to a drop, potentially hitting a low of $4.3633.

CORE DAO Price Prediction 2028

Driven by robust community support and the 2028 BTC halving, CORE could soar to $13.80. Nevertheless, a post-halving market cooldown might result in a low of $6.51, according to Coin Edition.

CORE DAO Price Prediction 2029

Coin Edition forecasts that CORE could reach $17.40, benefiting from the growing adoption of decentralized finance (DeFi). On the flip side, market corrections and profit-taking could bring it down to $8.90.

CORE DAO Price Prediction 2030

With further DeFi integration, CORE is projected to hit $20.50 by 2030, per Coin Edition. However, regulatory challenges and market corrections could lower its value to $13.50 if adverse external factors come into play.

Conclusion

CORE DAO’s journey from volatility to stability underscores its adaptability and growth potential. With a unique governance model, strong interoperability, and a clear vision for the future, Core is well-positioned to navigate crypto market challenges. While investors should remain cautious, CORE’s resilience could establish it as a strong contender in the evolving digital asset worldwide.