SIGN is up by than 50%, less than 48 hours after launching and listing on Binance. Is the new digital asset for the Sign protocol worth buying?
SIGN is the native token of the Sign Protocol. This is a blockchain network that is building a global infrastructure for credential verification and token distribution.
It was founded in 2021 and has the backing of top crypto industry venture funds, including Sequoia Capital, Circle, and YZi Labs.
SIGN Crypto Launch and Price Action
SIGN was introduced to the crypto market by the Binance exchange via the Binance Labs platform. It is a new digital asset as it started trading on 28th April, with a listing price of $0.0666.
At first, it was listed on Binance and BitGet but has since been recognized by tens of crypto trading platforms, including Upbit Korea, XT.com, and BingX.
Shortly after going public, SIGN price shot up by more than 100% to set a high of $0.1295. However, at press time, this rally had cooled by around 20%, and the coin is now selling for $0.1.
As is the case with most new coins that debut on popular exchanges, there has been a lot of investor interest in SIGN.
This is evidenced by the 402% surge in trader activity that pushed its trading volume for the day to $965 Million.
But Should You Invest in SIGN Crypto Today?
It is possible that SIGN prices will continue going up, especially as it becomes available to more traders through listings with popular crypto exchanges. Bitcoin and the crypto market are also hinting at recovery after months of consolidation.
If this breakout is confirmed and Bitcoin resumes an uptrend, you can expect the coin to rally alongside the rest of the coins during the altcoin season.
However, there are a few things you need to keep in mind when deciding whether to buy SIGN. First, it has not been tested by market volatility and may therefore be subject to massive price swings.
Additionally, it lacks proven real-world utility. This implies that its chief [rice drivers – utility and adoption- remain speculative.
Bottom Line
Only invest in SIGN if you can stomach the high risks associated with new digital currencies. Even then, only dedicate a small portion of this coin and then practice dollar cost averaging when it proves its investability.
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