Confluence of Positive News Could Rocket CORE Price to $3
In a notable display of market strength, CORE has emerged as one of the best-performing cryptocurrencies of the day, surging by 22.38% over the past 24 hours. As of 09:03 UTC, CORE was trading at $2.04. This rally is fueled by two major announcements that have captured the attention of investors and enthusiasts alike.
Advertisement
Coinbase Puts CORE on Listing Roadmap
The initial catalyst for CORE’s impressive performance was the announcement from Coinbase, one of the world’s leading cryptocurrency exchanges, that it has added CORE to its altcoin listing roadmap.
Coinbase – Affirmatively decided to list $CORE. As part of an effort to increase transparency by providing as much information symmetry as possible, Coinbase will be using this blog post to communicate when we have made a decision to list an asset. pic.twitter.com/dqSdL5EuCs
— 𝕏 Good 🔶️ Impact (@hhhmmara) May 24, 2024
This move, communicated through a blog post and Coinbase’s official X account, signifies a step towards listing CORE for trading on the platform. Coinbase’s strategy to enhance transparency by providing early information about potential listings has generated considerable interest and optimism in the crypto community.
Move Driven by Need for Transparency
In its announcement, Coinbase emphasized its commitment to transparency, stating, “As part of an effort to increase transparency by providing as much information symmetry as possible, Coinbase will use this blog post to communicate when we have decided to list an asset.” Although transfers and trading for CORE and other assets are only supported once an official listing is confirmed, the news alone ignited a bullish trend for CORE.
Read More: BTC’s ETF Market Sees Major Inflows as BlackRock Injects $182 Million Within A Day
CORE Dao Working to Expand Validator Numbers
Beyond the Coinbase announcement, significant developments within its ecosystem further drive CORE’s momentum. The Core DAO team has unveiled a strategic proposal aimed at enhancing the decentralization of the Core Chain network. This proposal seeks to expand the number of validators on the Core Chain from 21 to 31 by the second quarter of 2025, designed to increase network resilience and decentralization.
🔶 Core DAO’s Validator Set Expansion Proposal 🔶
📢 Core DAO plans to expand the validator set on Core Chain from 21 to 31 by Q2 2025!
This 12-month strategic initiative aims to boost decentralization and incorporate reputable infrastructure providers without affecting staking… pic.twitter.com/QnD6GSZ9yn
— Core DAO 🔶 (@Coredao_Org) May 24, 2024
Move Aims to Loop in Infrastructure Providers
Validators play a crucial role in blockchain networks, being responsible for block production. On Core Chain, the active validator set is determined based on a hybrid score that considers the hash power, staked CORE tokens, and staked BTC delegated by miners and stakers. The top 21 validators with the highest combined score form the active set for each cycle. The proposed expansion aims to incorporate more reputable infrastructure providers, enhancing the network’s robustness.
Validator Expansion Driven by Growing Institutional Demand
According to the Core DAO team, the expansion is a natural progression as the Core ecosystem has matured and attracted many reputable institutions eager to participate as validators. The team highlighted that increasing the validator set from 21 to 31 is a manageable step that aligns with their long-term vision of enhancing decentralization, a fundamental principle inspired by Bitcoin’s decentralized nature.
Proposal Awaiting Community Approval
The proposal to expand the validator set seeks approval from the Core community. If approved, this gradual expansion will be implemented over the next 12 months without impacting the staking rewards for CORE stakers, BTC stakers, or miners. This aspect of the proposal ensures that the benefits of increased decentralization do not come at the cost of user incentives, maintaining the network’s attractiveness to its stakeholders.
Confluence of Positive News Reignites Optimism
The dual impact of Coinbase’s potential listing and the Core DAO’s validator expansion proposal has created a wave of positive sentiment around CORE. Market analysts are optimistic that these developments could drive further gains for CORE, especially with the broader cryptocurrency market showing signs of a recovery after a period of sluggish performance.
This weekend, all eyes are on CORE to see if it can sustain its upward trajectory and possibly reach new highs. With strategic initiatives and growing institutional interest, CORE is well-positioned to capitalize on the current momentum and gain by another 20% or more.
CORE Breaks out of Two Week Consolidation, a Bullish Signal
Source: TradingView
CORE has been consolidating between the $1.56 support and $1.91 resistance for the last two weeks. Today, bulls have taken control with high volumes and pushed CORE price through the $1.91 resistance. If this momentum continues, CORE could hit a high of $3 within the day. A drop in bullish momentum could lead to a reversal that could trigger a continuation of range-bound trading.
CORE Headed For $3
With all the big news around CORE price today and its breach of a critical resistance level, more upside could be underway. The odds of CORE hitting $3 or higher within the day are strong.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Advertisement
