Reddcoin is up 22% in 24 hours: What’s behind the RDD spike?
Reddcoin (RDD), the native token of the decentralized custom blockchain Reddcoin, trades around $0.000067 as the crypto market sees limited upside on Monday.
However, CoinMarketCap shows the altcoin is up by 22% in the past 24 hours. Its trading volume has increased 127%.
What is Reddcoin (RDD)?
Reddcoin is a cryptocurrency aimed for the social tipping and payments market. The volunteer run platform is one of the oldest crypto projects in the market having launched in 2014.
The Reddcoin network relies on a unique consensus mechanism dubbed proof-of-stake velocity (PoSV) and RDD holders can stake coins to earn rewards.
In recent weeks, the platform has looked to revamp community engagement by moving beyond the meme coin tag. But this is much like a forgotten chain. A massive downtrend since the 2018 bear market has RDD in deep read since its peak.
However, the community is beginning to rally around the project as the post below suggests.
RDD price outlook
Gains for RDD followed a weekend bounce for Bitcoin and Ethereum that saw the leading coins reach $68,500 and $3,560, respectively.
Despite BTC retreating to near $67k and ETH to near $3,450, Reddcoin price remained higher after testing lows of $0.000048. As other altcoins pared gains alongside Bitcoin, RDD held above the critical $0.00005.
Currently, the cryptocurrency that seeks to transform the social tipping ecosystem change’s hands about 22% higher on the day. However, the Reddcoin price is in the red over the past week and is 39% down over the past year.
RDD is also not as volatile as most meme coins that have hit the market. In the past three days, the coin’s price has dipped from highs of $0.00016.
Two weeks ago Reddcoin traded around $0.000054, while its price reached $0.01079 in April 2021. Before that, the highest level hit was $0.03056 in January 2018.
Analysts are upbeat about crypto
According to analysts at Bitfinex, gains for Bitcoin have come amid rising net inflows in spot Bitcoin ETFs. The exchange shared its Bitfinex Alpha report on Monday, stating:
One of the significant events that had been impacting the crypto market was Germany’s Bundeskriminalamt’s complete liquidation of its Bitcoin holdings. This sell-off amounted to more than 48,000 BTC being sold, creating substantial sell-side pressure. However, with the market now having fully absorbed this influx, and the selling apparently over, this sell-side exhaustion has allowed for positive price action.
The US election, spot Ethereum ETFs and Bitcoin bull market are potential catalysts for the rest of the crypto market. But these may not be enough to make Reddcoin (RDD) price go parabolic.
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