NANO Breaks Out in Another Altcoin Rally
NANO, the instant, low fee digital asset, is breaking out again. The last few days erased most of the losses from the July sell-off, and NANO has already doubled its price from the recent lows.
NANO prices spiked to $6.40, up more than 13% overnight, as its price got a boost from the overall market recovery. In the past, NANO has shown its capability to recover and reach prices above $11. NANO is yet to revisit its peak above $37 achieved at the end of 2017.
One of the limitations for NANO is its relatively slim trading. NANO volumes are now around $114M per day, keeping the coin within the top 100 by market capitalization. Yet the project has been left behind during the DeFi summer of 2021, as pure altcoin speculation has been abandoned for various DeFi earnings.
Will NANO Get a Coinbase Listing
One of the often-repeated rumors for NANO is an eventual Coinbase listing. For now, the asset has been pushed to the sidelines, with no immediate promise of a listing.
Yet the NANO community is working toward raising the popularity of the asset. A Coinbase listing exposes a crypto coin to a potentially larger inflow of new buyers.
There is little information on the status of NANO in terms of US security law. The asset was envisioned as a simple payment token, relying on a distributed system where each node is a wallet and verifies transactions.
However, the reputation of NANO has been affected by an earlier hack where the Italian BitGrail exchange lost $17M worth of NANO. Additionally, some NANO coins may have problems with verification and visibility.
Is NANO Going for NFTs
The NANO network may be gradually adopting some of the latest trends in crypto space. NANO is now boasting one of its first NFT collections, NANO Punks.
Having an auction will increase demand for NANO coins, and bring additional traffic to the network.
Is NANO Overhyped
The NANO asset has already gone through boom and bust cycles. The asset is relatively older and well-distributed among exchanges. Most of the NANO activity is concentrated in Binance trading pairs, with NANO/USDT taking up more than 45% of all activity.
At the current low trading volumes, NANO is capable of short-term rallies boosted by a Binance price pump. However, the NANO community is keen on wider exchange adoption. In 2021, most projects are attempting to join fintech apps and mainstream crypto brokerage services, with the hope of repeating the success of other widely available assets.
The addition of assets like Dogecoin (DOGE) to Coinbase and Robinhood also sparked hopes that NANO is underpriced and wider buying and popularity may boost market prices.
For now, NANO moves in a lower range, and has shown it can lose up to 80% of its value within the course of a few weeks.
NANO Boasts of Being a Green Cryptocurrency
NANO boasts its verification system where there is no need for energy intensive, competitive mining. The project is estimated to be among the greenest cryptocurrencies in terms of electricity usage.
The NANO technology is also known as a directed acyclic graph, where each user also verifies transactions and connects to other wallets. Similar assets include IOTA, BAN, VITC and VITE.
NANO Attempts to Build Value
The NANO brand is trying to go beyond a simple mobile-based payment coin. The NANO platform is hosting the Vixxi user generated content service, where creators can tokenize their offerings.
Vixxi allows content tokenization and subscriptions using instant, free transactions at values even a fraction of a NANO.
Additional value propositions for NANO include game streaming and vintage gameplay. It is possible to earn NANO payments for playing Quake 3 through a dedicated payment platform.
Additionally, NANO is one of the cryptocurrencies accepted by the Phillip Plein brand.
Is NANO a Good Investment
NANO, like other digital assets, has gone through a revival in 2021. The project remains relatively active. However, NANO faces the usual criticisms that its value is mostly speculative.
Still, NANO is one of the projects with a longer development and a history dating back to 2017. Initially, NANO was distributed through a faucet and held extremely low prices at below $0.10. The rapid rise of altcoins in December 2017 brought NANO to extraordinary valuations within days.
NANO has almost no participation in current DeFi platforms. However, the asset is spreading through decentralized exchanges, forming liquidity pairs on the VITEX marketplace in a NANO/ETH pair.
The NANO network is also relatively small, with 110 online peers registered as of August 13. To compare, the Ethereum network boasts more than 9,000 nodes, and the Bitcoin network usually includes over 10,000 nodes.
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