- Mina protocol’s inhout token MINA gained close to 50% in one day
- The rally took the price of the token back above the $6 mark as Bitcoin (BTC) faces correction
- Mina CEO Evan Shapiro’s appearence at the Digital Currency Summit 2021 propelled the positive price action
YEREVAN (CoinChapter.com) — Mina Protocol registered massive gains today. MINA, the blockchain’s in-house token made an impressive bull run to new monthly gains. At the time of writing, MINA was up by an impressive 47.4%, trading at $6.28 per token. It has registered a 24-hour trading volume of $976.82, according to the data by CoinMarketCap.
The Mina Protocol is considered to be the world’s lightest blockchain. Owing to the way the protocol is designed, its size remains constant, despite the growth in its usage. In what comes as an incredible achievement, the network has a total size of just 22 KB. To understand how little this is, one can compare it to Bitcoin (BTC), whose blockchain is 300 GB.
Due to its minimal coding, the MINA has earned a reputation as a “succinct blockchain”.
The project started as Coda Protocol in 2018. However, after settling a trademark dispute with software maker R3, the company rebranded itself as the Mina Protocol in 2020.
The Mina blockchain operates through a zk-SNARK cryptographic proof system. The acronym stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” It refers to an innovative process where one can prove possession of certain information without revealing what that information is. Moreover, this process does not warrant any interaction between the prover and verifier.
MINA gains come at the backdrop of Bitcoin (BTC) losses
As Bitcoin (BTC) faced a slight correction and crushed around 7% to below $65,000, MINA rallied to mark a new monthly high. The positive price action became evident yesterday as the price began climbing from $4.26 to reach $5.95 before closing at $5.12. As the market opened today, MINA continued its rally, gaining significant value.
Currently, the token trades close to 600% above its all-time low of $0.925 which it hit on 21 July this year. Meanwhile, it is still around 40% lower than its ATH of $9.09, which it fell to on June 1.
What propelled the MINA gains?
The MINA coin began rallying when Evan Shapiro, CEO of the foundation, appeared at the 2021 Digital Currency Summit on Nov 9. His interview, as it seems, was well-received by the crypto community. Since Shapiro appeared at the Summit, Mina’s price has surged close to 50%.
Another thing that seems to have worked well for the protocol is the latest relationships the company has forged with community players. The protocol’s development team announced yesterday its partnership with ZK Hack, which is a seven-week virtual event featuring weekly workshops and advanced puzzle solving competitions.
As per the official ZK Hack event page, Mina protocol will conduct a two-hour workshop at the 7th and last session of ZK Hack.
With a total token supply of over 860 million and a circulating supply of 290 million, the project ranks 95 as per its total market cap of over $1.7 billion.
While the token has started showing signs of fast correction, it still remains bullish and continues to make higher lows. However, should the bears gain the upper hand, MINA can expect to find support just below the $5 mark. Meanwhile, it still has the potential to work itself up towards the ATH in the days to come.