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The Concord ONE value has pulled again previously few days as demand for the coin stays at a considerably low degree. The coin has crashed to $0.023, which was the bottom degree since July nineteenth of this yr. It has dropped by greater than 16% from its highest degree on Thursday, bringing its complete market cap to over $284 million.
What occurred to Concord?
Concord is a blockchain venture that was just lately one of many greatest challengers to Ethereum’s dominance. The community was created utilizing a expertise generally known as sharding that was first launched by Zilliqa.
Sharding creates scale and throughput in blockchains by breaking down the blocks into smaller items generally known as shards. Concord’s sharding solves the 2 primary challenges that Zilliqa has. It introduces the idea of dividing the storage of blockchain information. Additional, it solves the problem of Proof of Work (PoW) through the use of a proof-of-stake method.
As such, Concord is absolutely scalable, has safe sharding, is extremely environment friendly, and has constant cross-shard transactions. All these qualities made it nicely obtained by builders. A number of the prime purposes which were created in Concord are DeFi Kingdoms, Tranquil Finance, Synapse, FoxSwap, and SushiSwap.
Not too long ago, nevertheless, the Concord ONE value has struggled because the variety of folks utilizing its purposes has dropped dramatically. Certainly, the overall worth locked (TVL) locked within the ecosystem has crashed from over $1.5 billion to only $43 million.
Whereas most blockchains, together with Ethereum, have seen a pointy decline of TVL, Concord’s has been extra dramatic. Analysts consider that the scenario is usually due to the latest $100 million hack that was attributed to North Koreans. The hack occurred after the attackers managed to breach a bridge that related Concord to Ethereum.
Due to this fact, whereas many blockchains have recovered a part of their TVL just lately, Concord’s has continued to drop previously few months.
Concord ONE value prediction
The four-hour chart exhibits that the ONE value has been trying to get better previously few weeks. It has risen by about 42% from its lowest degree this yr. The coin stays above the ascending trendline that’s proven in black.
Concord has moved barely under the 25-day and 50-day transferring averages whereas the Relative Power Index (RSI) is pointing downwards.
Due to this fact, the coin will possible proceed falling contemplating that the restoration has discovered a robust resistance at about $0.027.
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