Bitcoin-Powered Core DAO (CORE) Skyrockets By 220%, Here’s Why

Jake Simmons

1 year ago

2 mins read

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Core DAO (CORE), the cryptocurrency behind the Core blockchain, has seen its price skyrocket by 220% over the last week, marking a significant milestone in its market performance. As of the last 24 hours, CORE has seen an additional 63% increase, accumulating a staggering 350% gain in just nine days. This rally has elevated Core DAO to the 55th position among all cryptocurrencies by market cap.

What Is Core DAO?

Core DAO operates on the Core blockchain, a Layer 1, EVM-compatible platform that supports the Bitcoin network by offering a secondary BTC block reward. The Core blockchain distinguishes itself through its unique Satoshi Plus consensus mechanism—a hybrid of Bitcoin’s Proof-of-Work (PoW) and a delegated Proof-of-Stake (DPoS). This mechanism aims to address the blockchain trilemma, ensuring decentralization, scalability, and security.

Core aims to create a strong and inclusive community within the Web 3 ecosystem, offering various features such as a stake bridge, airdrops, and a mining app to facilitate participation and engagement. The project is focused on building Web3 infrastructure and promoting public chains based on Bitcoin’s Proof-of-Work consensus, boasting over 10 million transactions, 550,000 addresses, and significant social media presence.

As of press time, Core’s market cap was about $2.3 billion, with a 24-hour trading volume of approximately $447 million. The circulating supply of CORE tokens is 875,161,702 out of a maximum supply of 2,100,000,000 CORE tokens.

Factors Behind CORE’s Exponential Rally

The recent price rally of CORE can be attributed to a confluence of factors, including the anticipation of the Bitcoin halving, scheduled in 20 days, and significant project announcements.

One of the pivotal developments propelling Core’s rise is the soon-to-come launch of non-custodial Bitcoin staking, which is expected to boost the public chain’s TVL and favor a rise in CORE price.

Moreover, the launch of coreBTC has been a significant catalyst. CoreBTC enables Bitcoin holders to engage in the DeFi space on the Core Chain without compromising on Bitcoin’s foundational principles of trustlessness and security. This initiative paves the way for Bitcoin to become a central asset in DeFi’s future, backed by decentralized smart contracts and rigorous overcollateralization requirements.

1/ coreBTC is live on Core Chain, which means users can trustlessly bridge their BTC to a Bitcoin-secured DeFi experience on Core Chain. pic.twitter.com/6KFWdbQzbR

— Core DAO 🔶 (@Coredao_Org) March 28, 2024

Additionally, Core has kick-started a 6-month incentive program targeting the BTCfi ecosystem. This program is designed to fuel growth and adoption by rewarding contributions to the ecosystem, particularly in bridging assets and exploring decentralized applications (dApps). The initiative covers assets from various blockchains, including Ethereum, Arbitrum, Optimism, Avalanche, Polygon, and BNB, thereby enhancing participation in Core’s flagship dApps.

At press time, CORE traded at $2.69.

Core DAO price — CORE price, 4-hour chart | Source: COREUSD on TradingView.com

Featured image created with DALL·E, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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