BitDAO, a platform focused on Web3 technology, saw a significant boost in its BIT token’s price this week. The token experienced a roughly 40% increase in value following the announcement of a $100 million buyback plan, which was approved through a successful voting proposal.
According to the data from Coinmarketcap, BitDAO is currently trading at $0.3961, with a rise of about 6% in the last 24 hours. Its 24 hours trading volume is now down by 12.42%, while its market cap is increased by 5% in the same time period.
The crypto market has been performing well, with many coins experiencing significant gains, including Bitcoin and Ethereum. In addition to BitDAO, some altcoins have also seen significant increases in their values on both daily and weekly charts.
There are a number of tokens, including Solana (SOL) is currently experiencing 33.50% growth in the last seven days, Ethereum Classic (ETC) with 21%, and Cosmos (ATOM) with 15% in the weekly chart.
On December 28th, the BIT price increased after finding support at the $0.27 mark. It was due to buyers pushing past notable resistance levels and a downward-sloping dotted trendline. The $0.40 level is currently the target for these buyers.
However, if the bulls are able to maintain the upward trend, it is possible that the price could exceed the $0.40 or $0.45 resistance levels. On the other hand, if the trend is not sustained, it can drop back down to the $0.26 support level.
BIT Purchase Program Of BitDAO
BitDAO recently held a vote on the BIT Purchase Program, a proposal for supporting the development of the DAO, which passed.
As a result, the BitDAO Treasury will hold $300 million USDT and 270,000 ETH to finance the development of BIT products in the next five years.
The community is anticipating the 2 million USDT target daily purchase amount (TDPA). The initiative will start on January 1st, 2023, run for 50 days, and result in a 100 million USDT purchase in total.
For BitDAO capital deployment, the recommended priorities are for BIT-related products to have high priority and for swaps, investments, and yield strategies to have low priority.
Despite the fact that the buyback plan would enhance BitDAO’s BIT holding, the project would still have the most immense treasury, even if it didn’t have its own coin.
Moreover, the project has also introduced a Layer 2 scaling solution called Mantle, which is set to be released later in January. This solution aims to provide rapid and affordable transactions on the Ethereum network.
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