Altcoins
MobileGo (MGO) – An Internet Gaming Pioneer
Although I love trading cryptocurrencies as much as anyone, I’m far more interested in analyzing the impact that blockchain technology can have on the business landscape. After all, blockchain’s potential was the main catalyst behind the surge in trading volume last year. While many industries will be forever changed through blockchain applications, the gaming industry will be the focus of this article.
The first thing my parents would think of upon hearing the word “gaming” is Nintendo. And while video games do make up a considerable percentage of gaming sales, the industry has grown far beyond that. Several years ago, ESPN aired an episode of E:60 that went inside the world of professional video game competitions. One team, Dota2, was on a quest for a piece of an $18.4 million tournament prize pool. Yes, $18.4 million for people who play games. Since then, the industry has grown beyond anyone’s wildest imagination. And one company, MobileGo, appears to be taking full advantage of that opportunity.
MobileGo’s MGO token is an Ethereum based ERC223 token that was developed to usher in a new era in the world of internet gaming. The company’s main goal is to turn MGO into the world’s leading currency for the more than 2.6 billion gamers that currently exist. It is expected that mass adoption will occur as game developers continue to grow their businesses.
One step in the right direction is the recent announcement that Xsolla began accepting MGO for its PC and mobile games partners. Although developers are creative souls at heart, one of the main motivations to develop groundbreaking games are the royalty payments that come with it. With this move, developers will be able to participate in the future crypto boom by accepting royalty payments in cryptocurrency, MGO.
In an effort to make the end goal of mass adoption more likely, MobileGo has also pursued major exchange listings. Those listings include GateCoin, BitForex, HitBtc, Bitfinex, and DigiFinex. Together with the Xsolla agreement, MobileGo may become a household name in the gaming industry soon enough. It’s evident that all of this news is currently being reflected in the token price.
During a time when the majority of cryptos are in freefall, MGO is bucking the trend. The token is showing significant strength in the face of a general market decline. This is a sign that knowledgeable traders are backing the token in anticipation of future developments. One development that has already taken place is the introduction of GShare.
The company recently developed GShare which is an innovative way for gamers to earn GShare Gold. GShare Gold can be earned by simply running an app. This app will run in the background while users continue to use their computer as they normally would. In addition to running the GShare app, gamers can also earn Gold coins by entering various tournaments that are offered. As the earned coins add up, gamers will be able to use them towards tournament entry fees.
So how do GShare Gold coins connect to MobileGo’s traded currency, MGO? MGO tokens can be earned by winning tournaments which are entered with GShare Gold coins. The good news is that GShare offers an incredible variety of tournaments so, users can identify the games they feel give them the best chance for success. As a gamer’s success grows, so too will their MGO token balance. This balance of MGO tokens can then be used for in-game purchases or traded on one of the many exchanges where MGO is currently listed.
MobileGo is still in the early stages so success shouldn’t be expected overnight. But as the gaming industry continues to grow, and MobileGo continues to make significant technological advancements, the MGO token is likely one that belongs in everyone’s crypto portfolio.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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