Dash has been setting new records in the past 10 days. It has extended its rally of a growing trend with a 20% surge yesterday. This surge has resulted in the price of Dash Coin to reach at $584 which represents a total of 70 percent increase from November 12 when its price was $346.
The half of Dash’s trading volume was concentrated in one single region that is South Korean exchange Bithumb where Dash is priced at USD equivalent of $579.
Its difficult to know the reason behind the market manipulation of this cryptocurrency but there can be several factors that could contribute to the increasing price of Dash coins. First is the introduction of the latest version of the Dash core which was deployed just before the rally began. The dash increased the blocksize to 2 megabytes, added small fixes and improvements. This new core reduced the overall transaction fees along with more efficient private transactions
The second factor that has pushed the rally is the introduction of KuvaCash which is a program designed to promote the usage of Dash in Zimbabwe. The country has a volatile history of monetary policy. The current outlook of the monetary situation is also very uncertain due to the coup. CNN has reported, Zimbabweans have started replacing the central bank’s inflationary bond notes. Bitcoin is one of the famous escape hatch for the residents.
However, Bitcoin is only used to store value rather than transacting due to its high fees for minor transactions. This provides cryptocurrencies like DashCoin to make into market that can be used for minor transactions throughout the country for everyday purchases. KuvaCash has received a funding of $500,000 from Dash which intends to develop a phone number based cryptocurrency payment service that will allow residents of Zimbabwe to transact between dash and USD without any hassle