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In the past two days, the innovative blockchain platform Dymension’s native cryptocurrency DYM has shown a surprising increase of 100%. At the time of writing this story, Dymension is trading at $7.90. This significant rise came amidst the Dymension mainnet launch and a $390 million worth DYM token airdrop.
Why Did Dymension Price Surge Today?
Dymension (DYM) price saw a 30% increase in value today after a minor pullback. This indicates that the bulls are still in control.
Following the recent launch, Dymension continues to attract investor attention due to the ongoing airdrop process. The platform’s mission is described as providing simple solutions for crypto application gatherings while ensuring economic viability.
After the latest Dymension price increase, the altcoin quickly climbed to the 65th position among cryptocurrencies, leaving behind market-known tokens such as BONK, The Sandbox, and Axie Infinity.
Can Challenges Be Overcome?
Challenges emerged during the Dymension blockchain’s launch on Tuesday. Users reported being unable to transact on the blockchain for at least five hours. Additionally, some users faced difficulties adding the blockchain to their crypto wallets due to longer-than-expected updates to RPCs that route blockchain data to user wallets.
In the first hours of the network’s launch, uncertainties also occurred among validators. Leading validator Chorus One encountered node issues, leading to a lack of consensus. The team acknowledged the situation in a shared post and suggested that significant token assets likely played a role in the “failed launch.”
As of Wednesday morning, the validator named “Big Brain Staking” continues to control over 35% of the staked DYM tokens, drawing the attention of DYM holders due to its significant impact on the network.
Will DYM Token Rise Further?
Analyst onedigitnumber.eth (@onedigitnumbers) expresses an optimistic view about the potential rise of DYM, suggesting that price levels between $10 and $12 are achievable. If the price reaches this level, DYM’s volume would be roughly half of Cosmos’s market value.
The analyst is optimistic about Dymension (DYM), noting the potential for even greater enthusiasm, usage, and airdrop opportunities compared to Cosmos. They also mention the potential for prices to rise to $40-60 during a strong bull market.
