Within the last two days, DYM Token, the indigenous cryptocurrency of the innovative blockchain platform Dymension, has surged an astounding 30%. As of scripting this narrative, the Dymension price is trading at $7.90. This immense boost comes amidst the Dymension mainnet launch and DYM tokens airdrop valued at $390 million.
Why the Dymension (DYM) Price is Up today?
The Dymension (DYM) price gained another 30% today after encountering a slight pullback. It appears that bulls are still very much in command of this rally. Dymension, described as a modular settlement layer, offers comprehensive tools and infrastructure for seamlessly deploying “rollApps,” a fusion of “rollup,” representing a layer-2 blockchain, and “dApp,” signifying a decentralized application.
With its recent debut, Dymension continues to attract investors with the commitment of ongoing airdrops. The platform’s aim is to provide straightforward solutions for crypto app rollups while ensuring economic feasibility. Additionally, the Pyth Network has introduced a DYM/USD price feed across more than 50 chains, enhancing price visibility and transparency.
In the midst of the recent Dymention price surge, the token swiftly secured the 65th position among cryptocurrencies, surpassing well-known meme coins like BONK and gaming tokens such as The Sandbox and Axie Infinity. It garnered significant attention from the developer community due to its unique proposition of being the inaugural platform enabling developers to establish their own application chains utilizing the Cosmos Interchain technology.
Also, it’s noteworthy to mention that Crypto.com recently proclaimed the listing of Dymension (DYM), which heightened more interest within the crypto community.
Overcoming Initial Hitches
Tuesday’s launch of the Dymension blockchain encountered difficulties. Users reported that the blockchain was unable to process transactions for a minimum of five hours. Additionally, some encountered challenges adding the blockchain to crypto wallets as RPCs, which channel blockchain data to user wallets, took several minutes to update.
In the initial hours of the network, validators struggled to achieve consensus. Chorus One, a prominent validator, experienced node issues, contributing to the consensus failure. The team acknowledged these challenges in an X post, indicating that their substantial token holdings potentially played a role in the “failed launch.” As of Wednesday morning, the validator known as “Big Brain Staking” controls more than 35% of staked DYM tokens, drawing scrutiny from DYM holders due to its significant sway over the network. Validators are accountable for maintaining and processing transactions on any blockchain network.
More Upside Left for DYM Token?
The VR Soldier analysts are bullish about the potential growth of $DYM, suggesting that reaching $10-$12 is achievable. This would represent approximately half of Cosmos’s market capitalization. The analysts also anticipate even greater enthusiasm, utilization, and airdrop opportunities compared to Cosmos, potentially propelling prices to $20-30 during a robust bull market.