Digibyte (DGB) is maintaining its momentum, and once again looks rather attractive during a bear market. DGB was in the green while other assets slid, growing by 2.85% overnight to $0.038. However, the current relative spike in prices looks precarious, as it happens on extremely low volumes, and even limited selling could crash the price.
The Digibyte project is gaining popularity as its mobile wallet has moved out of the beta phase, and quickly ranked among the top-rated apps on Google Play.
However, DigiByte supporters warn that for a relatively low-priced coin, such temporary price spikes are not out of the question. The next step expected for Digibyte is a listing on Binance. This time, the decentralized project aims for a no-fee listing, and may become one of the assets with more limited pairings. However, the chances of a Binance listing are not immediate, and are merely adding to the hype.
A listing on Binance often translates into a dramatic short-term pump for coins, most probably caused by bot activity, then followed by a series of personal orders. However, the extremely high prices turn out to be temporary, leading to losses as in the case of Bytecoin (BCN).
The current spike in prices is also fueled by an echo chamber of social media, causing a case of irrational buying, and possibly triggering bot activity. In any case, the rising trend is not seeing as capable of continuing longer.
But some still see DGB as being capable of climbing into the top 20 of coins, and even in the top 10, if the current trend continues.
At the moment, the price discovery for DGB is directed by trading on Bittrex and Poloniex. But DGB is one of the assets available through the Abra app. While the Abra app features synthetic digital assets, there has been talk of potentially allowing withdrawals of the coins themselves – all coins within the Abra app are backed by actual digital assets held by smart contracts.