The whole market has corrected today, but of all the major cryptos, the Digibyte (DGB) dump is disproportionately heavy. At the time of writing, Digibyte (DGB) is down by around 15%, while most major coins such as Bitcoin (BTC) and Litecoin (LTC) are down by around a percentage. So why is the Digibyte (DGB) dump so heavy? Does it mean that Digibyte is a pump and dump shit coin that has no intrinsic value? Absolutely not! In fact, from a fundamentals perspective, Digibyte is one of the best cryptos in the market, probably at par or even better than Bitcoin (BTC).
The one thing that holds Digibyte back at this point is exchange listing. While cryptocurrencies are supposed to be decentralized, the sad reality is that they are controlled by centralized exchanges. Most crypto volumes come from centralized exchanges such as Binance and Coinbase. Even on the exchange front, there are A-list exchanges that have a huge bearing on volumes. For instance, an exchange like Binance has a massive influence on crypto volumes and by extension prices. Unfortunately, Digibyte (DGB) is not listed on these major exchanges.
Even worse on an exchange like Binance, there is little hope of Digibyte (DGB) ever getting listed, following Jared Tate’s attack on Cz_Binance. This means that most of Digibyte (DGB)’s volumes come from small exchanges, making it easier for it to be pumped and dumped, as is the case at the moment. This is likely to continue until Digibyte (DGB) makes it to an exchange that is at the same level as Binance. So does this mean that Digibyte is doomed? The answer to this is a big No.
That’s because, markets are always changing and new players are always entering the market. An exchange like Binance won’t stay at the top forever. Already there are decentralized exchanges that are entering the market with lots of vigor. In the long-run, Digibyte (DGB) will be listed on these upcoming and highly popular exchanges. Once this happens, Digibyte (DGB) will be at par in terms of volumes, with the cryptos listed on Binance and the other popular exchanges of today.
Besides, as time passes, investors are becoming more aware of the need to scrutinize cryptos beyond the prices. As people continue getting burnt in never-ending pump and dumps, fundamentals will ultimately become the biggest price movers in this market. The result is that, cryptos that have good fundamentals such as Digibyte (DGB) will gain prominence. Signals to such a future are already there.
Last week, Digibyte pumped on news that AntumID was launching a Google Chrome extension that will allow users to log into any website with DigiID, even if the said websites have not yet integrated DigiID. This goes to show that the market is taking note of Digibyte and its capabilities in the market. As more people start interacting with Digibyte features such as DigiID, they will appreciate its value. This will trigger a price rise that is more organic and sustainable. In essence, the future of Digibyte (DGB) is good, its short-term price action notwithstanding.