Here’s Why DONUT is Trending on Reddit Just Below Bitcoin and Ethereum
Over the last 24 hours, Donut has ranked among the top three cryptos trending on Reddit, just below Bitcoin and Ethereum, according to ApesWisdom. Donut’s price has dropped by 2.68 percent in the last seven days. In the previous 24 hours, the price has risen by 5.61 percent. The price has increased by 0.47 percent in the last hour.
Running a Subreddit
The Ethtrader Group consists of 100% community-run subreddits where DONUT is used to vote on proposals regarding tokenomics. Holders can change tokenomics, supply slashes, and other decisions through the AragonDAO. As the number of $DONUT you hold increases, so does the voting power.
Because the primary developer, Carlson, was working on Credao (a similar concept) with Aragon, it seems reasonable that the project utilized it. Before, Reddit asked him to work on their Community Points system prototype before the team rolled it out across the entire network.
Any community member can propose changes after polls in the subreddit are used to gauge sentiment. Keep in mind that you must hold $DONUT to perform this. Following that, proposals in AragonDAO require voting, which is likewise linked to $DONUT holdings.
Organic Growth Over Time
Thus far, DONUT has followed the development paths of initiatives that begin organically, emphasizing community and product. Then, they generate genuine attention, activity, and growth over time. This contrasts with projects that market first and deliver afterward.
DONUT has not advertised anything because the community has been focused internally throughout the bear market, and the ecosystem is still in its early stages. The coin debuted in its present form in January 2019 with a market cap of $30 and a price of $0.0019. When the team separated in December 2019, the token also changed. As a result, the chart clearly shows that this early period does not reflect any organic price activity.
Looking at the chart from the latter date, we can notice an organic price development typical of many promising enterprises—slow, steady buildup, followed by stronger ups and downs with increasing bottoms. DONUT has since held on and maintained this organic trend.
DONUT Will Keep Rising
DONUT is one-of-a-kind in that it has the potential to become a large Ethereum meme coin. But, more significantly, it includes concrete use-cases that will keep the project active for a longer period. It is also available to anybody with spare time who wants to make a significant contribution to the community.
In a Harbinger Tax-style system, DONUT is utilized. It is the process by which someone uses DONUT to purchase ad space from the present owner at a price established by that owner. This individual then sets a new price — the amount someone who wants it back will have to pay — and then there is a 100 percent daily tax based on this new price for as long as you wish to hold the banner.
This adversarial system assures that projects, usually with large budgets, purchase a large amount of DONUT. It guarantees that they can control the banner by spending those DONUT tokens on obtaining the banner, and holders would repeat the procedure indefinitely. If the DeFi market enters a new bull market, this will be a huge value and liquidity driver because let’s face it, that is excellent real estate for brand exposure.
With more than two million members at the time of writing, the Ethtrader community is similarly huge and growing. That is a powerful audience of relevant individuals interested in cryptocurrencies, particularly Ethereum. Together, all these factors might keep DONUT afloat and rise in price as time passes.
