bitcoin After its alternative project announced various updates and improvements, a little-known cryptocurrency experienced a massive price rally, suddenly outpacing the rest of the markets.
Decred (DCR)is a community- and security-focused digital currency designed to compete with Bitcoin (BTC) as a long-term store of value.
Decred’s white paper, published in 2016, claims that the altcoin project is designed to prevent power people or central planning committees from exerting undue influence on the project’s development.
Decred’s blockchain combines both the Proof of Work and Proof of Stake consensus models and allocates percentages of block rewards to miners, Proof of Stake voters and fundraising.
The Bitcoin alternative project also has its own constitution that outlines Decred principles, blockchain management, and project management.
Decred’s project leader, Jake Yocom-Piatt, announced in a recent Twitter post that he has submitted a new community proposal to change the project’s website and messaging system.
new proposal to update website and messaging – work is already complete, seeking reimbursement and approval to deploy.
DREAM 2: Dream Harderhttps://t.co/OFSU8QxRh8
— Jake Yocom-Piatt (@behindtext) August 4, 2022
Koinfinans.com As we reported, DCR exploded in price right after Yocom-Piatt’s tweet, although it’s not entirely clear whether there’s a link between the project’s announcement and Decred’s price action.
DCR gained over 156 percent from $27.42 to over $70.45 in a matter of hours.
Following this rally, the DCR has retraced as far as the $37.60 mark and is trading with a weekly gain of around 40 percent at the time of writing. DCR, which has risen sharply in the short term, is still trading around 84 percent below its all-time high of $247.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.