Today I'm taking a look at Tezos, and its token XTZ. The digital currency surged after rumors that San Fransico-based Coinbase exchange may be adding the crypto to its platform.
Tezos has had a rough ride ever since its Initial Coin Offering (ICO) and raising $232 million. The Tezos Foundation battled some obstacles including a high-profile “Crypto-Valley" legal dispute over its ICO, which moved forward in federal court in San Francisco in August 2018. XTZ’s value went up to as much as $11.21 in December 2017 but dropped to a new low of $1.22 in October 2018. In the past few days, it has aimed to recover, gaining around 5% on Monday alone.
The reason behind this gain could be attributed to Coinbase CEO, Brian Armstrong who may or may not be hinting that his crypto exchange could be adding Tezos to their platform. On October 18th, Armstrong Tweeted about “sugar-free substitutes” that can be “baked” into cookies and chocolates.
"Sugar free drinks and snacks have grown in popularity (and everyone is doing keto/low carb). A safe sugar substitute that you could *bake* into cookies, pies, cake, chocolate etc would find a huge market. Something "heat stable" like this https://en.wikipedia.org/wiki/Neotame"
The reason why this tweet has got market participants pointing to a potential Tezos addition is that “baking” is an essential part of the digital asset. It’s a process Tezos uses to sign and append a block of transactions to its blockchain. Ranked number 18 in terms of market cap, Tezos aims to enable stakeholders to efficiently govern the protocol and implement future innovations. Its XTZ token is currently tradable on exchanges such as Kraken, Bitfinex, and HitBTC. Its trading volume was around $2.4 million in the past 24 hours, with a total supply of 7.6 million XTZ.
What do you think about the recent price action in Tezos? Do you think this digital asset has what it takes to truly formalize the blockchain governance as they claim on their website?
*This article was originally published here