The New Dubaicoin Cryptocurrency - Why is it all Over the News?

The New Dubaicoin Cryptocurrency - Why is it all Over the News?

DubaiCoin or DBIX is basically a form of cryptocurrency that was launched in Dubai as its own crypto. It was first started from a public blockchain, and currently, the crypto is open for trading only on a few handpicked numbers of exchanges. The public blockchain till now only allows people to generate their own DubaiCoin crypto by mining it themselves.

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The price of DubaiCoin skyrocketed at a rate of 1000 percent over the span of the last 24 hours.

According to a report released by Crypto.com, when first launched, DubaiCoin was trading at an approximate value of 0.17 USD, but soon picked up its pace and rose to 1.13 USD by the 27th of May 2021

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However, it was clarified by the Government of Dubai over a tweet that DubaiCoin was never approved by any kind of official authority. The Dubai Media Office soon tweeted that actually, the website which has been promoting the DubaiCoin crypto is a phishing campaign that has been created with a purpose to steal sensitive and private information from the visitors of the website.

Let us give you a detailed insight into this matter.

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What is DubaiCoin and What is Its Purpose?

● The DubaiCoin was first launched and publicized by Arabianchain Technology, a company based in the United Arab Emirates or UAE. It gained massive popularity due to its claim to be Arab's first blockchain-based cryptocurrency that is open for public usages.

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● The company further informed that the control of the circulation of this new crypto form will be both in the hands of the city itself, along with the authorized brokers.

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Why was this Crypto Trending All of a Sudden? ● When it was first launched, the price of DubaiCoin was noted at 0.17 USD, and it was also listed on quite a few of the top platforms for crypt trading. However, since then most of these platforms seem to have removed it. This also includes the market-leading platform, CoinMarketCap.

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● But the strangest part is that this crypto was yet again listed on Crypto.com on the 27th of May at a price of 1.13 USD. This indicated that in a few hours this crypto has witnessed a whopping rise of 1114 percent. Currently, it has a supply at a listed price of 4.26 million USD, and a market capitalization listed at 4.84 million USD.

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How to Buy this Crypto? ● If we take into account the market scenario to date, no major platform for crypto exchange has DubaiCoin listed on them. However, interested people who are looking forward to investing in this particular crypto can do so by exchanging it for Binance – coin or Bitcoin at the exchange platform where this currency is still available.

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Since DubaiCoin is still pretty new in the market, interested investors are suggested to look thoroughly into its legitimacy before directly investing in it.

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