MINA token prices went parabolic last week, going from $0.5465 on Jan 25 to a high of $0.9176 on Jan 30, marking an impressive rise. No wonder MINA became the biggest winner in the last 7 days!
The past few days have been a roller coaster for MINA, the native token of the Mina platform, a blockchain whose purpose is to address scalability issues often associated with some proof-of-work (PoW) networks.
As of this writing, MINA is trading at $0.8418 and has a market capitalization of $692.51 million. Interestingly, the MINA token has had a turbulent ride this year and even hit an all-time low of $0.4214 on January 1. Now comes the big question: will this recovery continue?
What is causing the bomb?
On January 26, Fundación Mina y Sistemas Viables 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 installed and configured via an Internet browser in just a few seconds, making it incredibly time efficient. It also requires minimal system resources, which means that anyone can run node on their smartphone.
“Decentralization has always been a core value of the Mine Ecosystem. Making participation in the Mine network at the node level much more accessible increases decentralization and therefore the security of the entire ecosystem.”
Evan Shapiro, executive director of the Mina Foundation.
Shapiro’s hope is that by increasing the accessibility of node participation, more node operators will be attracted, thus improving decentralization and network security.
What is Mina and how does it work?
Mina is a blockchain protocol that seeks to solve one of the biggest issues plaguing the blockchain industry: scalability.
Mina’s protocol allows the processing of millions of transactions without the need for large 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 is a revolutionary concept called ‘zk-SNARKs’. This technology enables transaction verification without having to store the full history of the blockchain, dramatically reducing data and energy costs.
Instead of having 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 safe while maintaining their privacy. Transactions are verified, but the sender and receiver remain anonymous, allowing users to take advantage of the security of the blockchain while keeping their data and identity safe.
Will the rally continue?
The Mina token’s recent rally saw its price increase by more than 100% since the beginning of the year, making it one of the top performing coins. However, despite the increase, will the rally continue?
It is easy to point out that the Mina token rally is driven by speculation, with many investors opting for short-term gains over long-term investments.
Also, the project is still in its early stages, which means that real-world use cases are still lacking. This could lead investors to become cautious and the rally ends.
However, the project has some strong fundamentals that could support a long-term rally.
The team behind the project has a strong background and is currently working on developing real world applications. The project also has a strong network of partners and a large number of supporters.
If these fundamentals are strong enough, the Mina token rally could hold. However, cryptocurrencies are like riding a roller coaster – it is always a wild ride.
