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Dash Sees Its Price Tanking Despite Reaching New Adoption Milestones in Venezuela

  • Alex Dovbnya
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    The residents of Venezuela are turning to Dash to make fast and cheap payments even during massive power cuts 
     


Dash Sees Its Price Tanking Despite Reaching New Adoption Milestones in Venezuela
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Dash, a privacy-focused cryptocurrency for fast and cheap payments, continues to make inroads in poverty-stricken Venezuela, which remains the coin’s number one market.

According to the company’s blog post, there are now more than 10,000 Venezuelan Dash wallets.

 Dash monthly active wallets in Venezuela
 image by Dash 

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Rapidly growing adoption 

The surge of newly created wallets shows that Dash is currently reaping the benefits of its partnership with KriptoMobile that dates back to April. 

A series of affordable smartphones that are specifically designed for the Latin American market came with a pre-installed Dash wallet.

The deal allowed Dash to add more than 10,000 active wallets globally, thus propelling its adoption. 

Considering that a large percentage of KriptoMobile phones were bought by Venezuelan residence, it becomes clear what drives the demand for Dash in the country.

Soon, KriptoMobile smartphone owners will be able to use the DashText feature, which allows making payments even during widespread blackouts that are plaguing Venezuela.

A huge price drop

At press time, there are more than 2,000 Venezuelan merchants on DiscoverDash. Still, the remarkable success of Dash in the failed socialist state that struggles to make ends meet didn’t translate into its price performance.

According to CoinMarketCap data, DASH has shed more than 36 percent of its price in a month, becoming one of the worst-performing top 20 altcoins. It is currently trading at $110.97.

Dash price chart
image by coinmarketcap.com
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About the author

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.

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