MINA token prices became parabolic last week, spiking from $0.5465 on Jan. 25 to a peak of $0.9176 by Jan. 30, marking an impressive increase. No wonder MINA became the biggest gainer in the last 7 days!
The past few days have been quite a roller-coaster for MINA, the native token of the Mina platform – a blockchain whose purpose is to tackle scalability issues that are often associated with some proof-of-work (PoW) networks.
At the time of writing, MINA is trading at $0.8418 and has a market cap of $692.51 million. Interestingly, the MINA token has had a turbulent ride this year and even touched an all-time low of $0.4214 on Jan. 1. Now comes the big question – will this rally keep going?
What’s causing the pump?
On Jan. 26th, Mina Foundation and Viable Systems announced the launch of OpenMina, a web node browser concept designed to increase blockchain decentralization.
The Mina Web Node, which is an integral part of OpenMina, can be set up and configured through an internet browser in just a few seconds, making it incredibly time efficient. It also requires minimal system resources, meaning anyone can run the node on their smartphone.
“Decentralization has always been a core value of the Mina Ecosystem. Making participation in the Mina network at a node level so much more accessible increases decentralization and therefore security of the entire ecosystem.”Evan Shapiro, CEO Mina Foundation.
Shapiro’s hope is that by increasing the accessibility of node participation, more node operators will be attracted, thus improving the network’s decentralization and security.
What’s Mina and how does it work?
Mina is a blockchain protocol that seeks to solve one of the most significant issues plaguing the blockchain industry – scalability.
Mina’s protocol allows for the processing of millions of transactions without the need for huge amounts of energy or data storage, making it one of the most efficient and scalable blockchains on the market.
At the core of the Mina protocol lies a revolutionary concept called ‘zk-SNARKs’. This technology allows for the verification of transactions without having to store the full history of the blockchain, drastically reducing data and energy costs.
Instead of needing to store the entire history of the blockchain, Mina users only need to store and maintain a snapshot of the data, making the process much more efficient and secure.
In addition to its scalability, Mina also offers a new form of privacy to users. Mina’s zk-SNARKs technology allows users to keep their data secure while still maintaining their privacy. Transactions are verified, but the sender and receiver are kept anonymous, allowing users to take advantage of the blockchain’s security while still keeping their data and identity secure.
Will the rally sustain?
The recent Mina token rally saw its price surge over 100% since the beginning of the year, making it one of the top-performing coins. Despite the surge, however, will the rally sustain?
It’s easy to point out that the Mina token’s rally is fueled by speculation, with many investors opting for short-term gains rather than long-term investments.
Furthermore, the project is still in its early stages, meaning there is still a lack of real-world use cases. This could lead to investors becoming wary, and the rally ends.
However, the project does have some strong fundamentals that could support a long-term rally.
The team behind the project has a solid background and is currently working to develop real-world applications. The project also has a strong partner network and a host of supporters.
If these fundamentals are strong enough, the rally of the Mina token could be sustained. However, crypto is like riding a roller coaster – it’s always a wild ride.