Extreme swings have once again manifested in the crypto market as SatoshiDEX (SATX) has boosted by an incredible 191.53% in the last one day. Up until now the token is at #3071 in the cryptocurrency market with a current trading price of $0.004583 and shows the continued rise in demand for DeFi solutions developed on Bitcoin sidechains.
As one of the first DeXs running on the Stacks blockchain, SatoshiDEX has claimed its role as a harbinger of the DeFi capabilities for the Bitcoin infrastructure. Having offered a bullish run in the recent past, the project’s market capitalization stands at $13.75 million, a testimony of the many investors willing to put their bitcoin in the project.
The token is trending with trading volume exceeding $1.16 million within the last 24hrs, making up 8.43% of its market cap. This rather points to the trading interest and the trading liquidity required for the SATX token. The company has a total token supply of 10 billion SATX tokens, however, it boasts a self claimed circulating supply of 3 billion tokens meaning the project is fully diluted at $45,833,333.
The architecture of SatoshiDEX uses Stacks similar to Ethereum as a layer two infrastructure in partnership with Bitcoin through PoT. This unique concept helps the platform to implement decentralized trading of digital assets, thereby leveraging the appropriate security from Bitcoin. The high-velocity price increase could be explained by the increasing awareness of its function to fill the gap between Bitcoin’s well–established infrastructure and the emerging DeFi ecosystem.
As the market for cryptocurrencies matures, concepts such as SatoshiDEX are receiving attention for seeking to diversify the application of Bitcoin. This significant price rise could be an indication of the market trending more towards Bitcoin integrated DeFi products due to the high demand of DeFi solutions within the Bitcoin ecosystem that remains a niche but grows exponentially.
However, target investors must approach the stock carefully because it looks like they will be with high fluctuations and hence high risks in the future. The crypto market is notorious for volatile changes, and what, as of now, is a plus can quickly turn into a minus. Of course, prior to investing in any cryptocurrencies – preliminary analysis and understanding of the level of risk one is willing to take is obligatory.
