“Altcoin sets to explode”: Dovu token skyrockets more than 230% — what it takes to reach $1

Ethereum-based and eco-friendly token Dovu (DOV) rose by 233,84% — from $0.004601 to $0.01536, and trading volume, according to Messari, by 3627,96% — from $19.85K to $740K. We talk about the reasons for this growth below.

What is Dovu?

Dovu (DOV), backed by InMotion, the venture arm of Jaguar Land Rover, is a platform and token that aims to offset the carbon footprint which is the offsetting of emissions by carbon-negative projects by supporting organizations and projects that reduce their carbon footprint left by the cryptocurrency market and support carbon capture a way of reducing carbon emissions from industrial processes by separating, treating, and transporating a relatively pure stream of CO2 to a long-term storage location worldwide. The platform aims to use a carbon calculator to measure the carbon footprints and helps the users compensate them through their platform.

The release of the whitepaper with the vision and mission of DOVU came into effect in January 2021. The team comprises Irfon Watkins, the co-founder and CEO, and Krasina Mileva, another co-founder and COO.

Dovu growth: two possible reasons

Judging by the chart on CoinMarketCap, the asset began to grow at the beginning of the year. Most likely, the reason was the rise of the market after the prolonged fall associated with the FTX’s crash. 

The recovery began after the regulators announced the reduction of inflation in the US from 7,1% to 6,5%. Thus, against the backdrop of the generally positive market sentiment, the DOV grew by 153,23% over the month, from $0.001858 to $0.004705.

The DOV started February with a drop of 26,51% to $0.003719. And despite the fact that the other tokens were growing because of the news about the Fed’s 0,25% rate increase — from 4,5% to 4,75%.  

However, since the 10th of February, a new rally for the token started, which is still going on. And there could be several reasons for that.

• The partnership with Hedera is a proof-of-stake public distributed ledger, which was discussed back in mid-January at the Davos crypto forum. At the event, Hedera purchased Dovu carbon credits to compensate for its carbon footprint. This is how Hedera covered emissions for flight, electricity, recycling materials, and construction for the forum. Now the collaboration is likely to continue.

• According to Web3Charts, DOV leads in market capitalization growth over the past 24 hours among Ethereum-based blockchains. According to CoinMarketCap, the asset’s market capitalization rose 109,03% in 24 hours and is $8.68M at the time of writing.

DOV’s current price and historical maximum

At the time of writing, the asset is still rising and is already up 110,6% in the last 24 hours, from $0.004341 to $0.009142. 

That’s a good result for now, but compared to the historic one on December 1, 2018, it’s not much. The growth was probably provoked by the news about the launch of the DOVU wallet beta version. Back then, the DOV was close to $1 and was worth $0.9332. Compared to today’s price, the difference is 10107,83%. 

The asset was trading at $0.317 when it entered the market. Thus, if you bought at the start, at the moment of the peak, you have earned X3 of the invested sum. And if you purchased at Dovu’s peak moment and continued holding, your investment has fallen by 102 times.

According to Etherscan, DOV is now held in 6,708 wallets, up 14,08% from 24 hours ago. As a result, the asset’s trading volume has also increased by 3627,96%, from $19.85K to $740K. In just one day, market participants transferred 152,035,189 DOV, which at the current exchange rate is equal to ~$1.38M.

Where can I buy Dovu?

According to CoinGecko, DOV trades on the following exchanges:

• Uniswap;
• PancakeSwap;
• Bilaxy;
• 1inch;
• HitBTC;
• Saucerswap;
• OpenOcean.

The lowest price of the asset is traded on the 1inch exchange in the DOV/ETH pair. At the moment of writing this article, it is $0.00963939 per coin.

As for trading volume, DOV traded the most during the day in pair with WETH Wrapped Ethereum is an ERC-20 token created to make it easier to trade ETH or convert it into other cryptocurrencies — $2,226,021. The asset is worth $0.0109447 on the exchange.

A glance into the future: can the DOV reach the $1 bar?

According to historical data, the DOV was already close to $1. Now the asset must grow 110 times to reach this level. This could be influenced mainly by a listing on some exchange. So far, DOV can only be bought on above-mentioned seven exchanges.

Also, the price can be influenced by partnerships with some large companies, like Hedera. However, judging by the information on Twitter, nothing of that kind is expected yet. The general market sentiment could also raise the DOV price, but the result could be the opposite.

Burning, which aims to raise the value of the asset by increasing demand for it, is also unlikely in the near future. An upper limit on how many DOV coins will be created has not yet been set, and all that have been created are already in circulation. There are a total of $956M worth of coins on the market right now, which is not a lot. By comparison, Shiba Inu has 550T tokens in circulation.

However, according to altcoin gem hunter NiFTy, DOV is “a certified micro cap gem set to explode.” and emphasizes the following advantages of the project, which are likely to help it go to the moon.

Do you think these are enough to fly?