The native token of SpaceChain (SPC), a public space platform that combines blockchain technology to create a satellite network, rose 37.52% in 24 hours (from $0.005985 to $0.008232). We’ll discuss further below what influenced the token’s growth and whether it’s worth investing in.
SpaceChain, launched in 2017, is a community-based space platform that combines space and blockchain technologies. The company currently has a network of nodes
“Space-based applications and software to be built on low budgets and raises the barriers to entry for most private businesses. It also slows down the progress of space exploration and discovery,” says the company’s blog on Medium.
By setting up an open, decentralized, yet highly secure network in space, SpaceChain hopes to accelerate the development of the space industry by giving more people access to it.
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The platform has the native token SPC. It works like a digital currency in the SpaceChain ecosystem and is fully ERC-20
On January 17, SpaceChain appeared in Google Trends. And a day earlier Investorobserver specialists noticed that the token has a high volatility level
The main influence on the volatility of the coin’s exchange rate could be the growing discussion of the token online. In particular, users are now discussing the company’s actions aimed at decentralizing the satellite network in space, as well as the recent mission to the ISS (international space station).
There was a significant increase after the reminder of the work done in space.
The SpaceChain team claims that once installed and tested on the ISS, the space node will process blockchain and send digital assets from space. These could be tokens and NFTs, in addition to performing full high-speed transactional services, including the deployment of smart contracts and coin minting.
The operation took place back in November, but barely touched the information field, but now, probably, people everywhere are beginning to learn about the project. Which could bring it into the trends and, consequently, increase the value of the product.
The token is currently trading at $0.008232 per coin, up 37.52% from the day before. Over the last week, the token rose 63.92% (from $0.005022 to $0.008232).
A few days after its launch in January 2018, the coin was worth $0.4609. That was its peak state, after which the value of the token collapsed to $0.03265 (by more than 90%) by April. This event is still not understood by some users.
The token did not find feedback among the crypto community and went into oblivion, but the project grew. Now SpaceChain is already being delivered on SpaceX rockets to the ISS for high-speed blockchain processing.
“Companies that wish to develop their own space-based applications will no longer need to launch their own satellite. They can tap on SpaceChain’s satellite network instead. This maximises investment and resources by making space-app development more cost-efficient,” says the statement.
The company was founded in 2017 by blockchain expert Zheng Zuo. The company team includes Jeff Garzik, a former Bitcoin core developer and CEO of Bloq, as well as Tim Draper, a renowned venture capitalist who has invested in SpaceX, Tesla, Theranos, and Thumbtack.
Now the token is volatile. The principle is simple: high volatility — high risks, but high potential profit. Low volatility — lower risks, but there is less to gain from price movements.
However, plans to reign in space may be a sign that a coin is a promising asset. The goal is to deploy a decentralized satellite network in space. A start has already been made, and in June 2021, the company installed the first-ever Bitcoin and Ethereum nodes on the ISS. Which allows data to be distributed between the two blockchains for data transfer.
Based on the data from the last 30 days, WalletInvestor experts call the current mood of SPC bullish. However, experts consider the token a bad long-term investment for one year with high risk. That is, if the coin is now worth $0.008232, but the current investment could be devalued in the future.
In addition, experts clarify, because of the low market capitalization (~$2.5M at the time of writing), the price of the token can be easily manipulated.
“There will be a negative trend in the future, and SPC is not a good investment to make money. It is always harder to trade in a bear market, so you should avoid this currency if you are new to the field,” the WalletiInvestor report says.
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