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ArabianChain Technology, the company behind Dubaicoin, claims to be the first public blockchain in the region, allowing users to mine the currency, and maintain the blockchain ledgers.
DUBAI – The price of Dubaicoin (DBIX), a newly launched cryptocurrency based on the public blockchain, reportedly shot up by 1,000 per cent within 24 hours after falsely claiming to be the official cryptocurrency for the city of Dubai. ArabianChain Technology, the company behind Dubaicoin, claims to be the first public blockchain in the region, allowing users to mine the currency, and maintain the blockchain ledgers.
Dubaicoin was listed on a number of trading platforms, including CoinMarketCap, with an initial price of $0.17. However, the price of Dubaicoin rose to $1.13 on Thursday after a press release said that the cryptocurrency will soon be used to pay for a range of goods and services, placing it as an alternative to traditional bank-backed currencies.
Dubaicoin Skyrockets 1,116% But Is It a Scam or a Buy?
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Last Updated: 04 June 2021
Dubaicoin (DBIX) has been gaining significant traction in the crypto world. The coin caught investors’ attention after rising by 1,116% to the highest mark of $1.14 in just a few days. For now, the coin is unavailable on most crypto exchanges.
Dubaicoin was founded on a public blockchain and proclaimed Arabianchain Technology backs the coin. A recent prediction by a major crypto trading platform, WhatToMine, became true after the coin rose by 1000% from $0.09 to $1.13 in just 24 hours.
WhatToMine is a crypto platform that measures the profitability of crypto tokens. The firm supports the mining of crypto that can produce better yield results than ETH and BTC. Miners can use GPU mining or EtHash software for mining operations.