COVAL crypto: Is it a high-risk investment option?
Circuits of Value (COVAL) is blockchain's first composite token, which allows the users to trade in multiple tokens from any blockchain on any Ethereum Virtual Machine. Powered by the Ethereum protocol, the COVAL token acts as a decentralized token developed to solve problems in the simplest way.
Launched in 2014, the COVAL token powers the Emblem DeFi platform. Emblem allows the users to create their own ETH, ERC-20 and NFT combinations. This allows them to convert it into a single, tradable token, referred to as Vault.
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Recently after it was listed on the Coinbase exchange on 6 December, COVAL has seen an upward swing. The listing propelled the token to reach its all-time high of US$0.092930, which was a significant rise from the lows of US$0.00001000. The swing seems to have continued on Friday (10 December) as well with it zooming by 71%, with a huge 24-hour volume spike as well of approximately 300%.
What makes COVAL unique?
The ability of COVAL to allow the users create custom ERC-20, ETH and NFTs is perhaps one of the USPs of the token. Besides, the users can send digital files as well using COVAL token. COVAL sidechains allows the assets from private as well as public blockchains to be traded through a trustless system.
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Besides, COVAL offers rewards to the liquidity providers and also rewards for stakers for locking up supply. Besides, Coinbase, the token is also available for trading on Uniswap (V3), Hoo, QuickSwap, Resfinex exchange.
COVAL crypto: Is it a high-risk investment option ?
Is COVAL a good investment for you?
Ranked 307 on CoinMarketCap, the token was trading at US$0.197742 a trading volume of $209,690,085 over a day. It has a fully diluted market cap of US$213,990,252 and a supply of 1,000,000,000 COVAL coins.
Despite the bullish run, the experts are of the view that one should carefully think before investing in the token. They believe at the moment, despite having strong fundamentals and impressive features, the COVAL token could be a high-risk investment. They further stress that it could also be devalued in the near future.