As of February 28, 17,911 cryptocurrencies were available to investors and traders. The surge in the number of tokens entering the market can be called nothing less than “incredible”, because even at the end of 2020, the indicator is twice as low (only 8,153). At the same time, new tokens appear regardless of the direction of the cryptocurrency markets.
Market participants were impressed by the scale of the bitcoin rally, which in 2010 cost five cents, and in mid-November 2021 was trading above the $70,000 mark per token. The inflamed speculative frenzy spread to new currencies. Speculators are ready to invest money in the “debutants” of the digital market, hoping to find a token that will bring a profit comparable to bitcoin.
While some of the tokens will eventually turn out to be outright fraud, there are also those that bring with them new functionality and offer growth potential. Mina (MINA) is a new cryptocurrency offering “true decentralization, scaling and security.”
MINA has already made its way into the top 100 cryptocurrencies by market capitalization, ahead of 99.5% of other tokens.
“A gateway between the real world and cryptocurrency, as well as the infrastructure for a secure democratic future that we all deserve.”
The developers of MINA have created what they call “the lightest blockchain supported by its participants.”
The size of the entire MINA blockchain is equal to the size of a “pair of tweets”. MINA uses an advanced zero-knowledge cryptographic protocol (zk-SNARK) to ensure the scalability of the blockchain. Zk-SNARK stands for “brief transparent knowledge argument with zero disclosure”. The essence of the protocol is reduced to probabilistically verifiable evidence that allows one party to prove that it has certain information without disclosing this information and calculations.
One of the leaders of the cryptocurrency market
On March 3, MINA occupied the 87th line of the cryptocurrency rating. Trading at $2.077 per token, MINA was valued at just over $816.50 million.
The capitalization of MINA exceeds the value of more than 99.5% of existing cryptocurrencies.
The MINA blockchain works on the principle of proof of ownership, which is energy efficient and becomes more secure and sustainable as it develops.
The ups and downs of MINA
In June 2017, O(1) Labs launched an open source project to develop a first-level protocol that was supposed to embody the ideas of blockchain, namely decentralization, scaling and security. MINA debuted at the end of May 2021.
MINA trading started on May 31 with a mark of $ 4,938 per token, and the turnover for the first 24 hours was $ 20.80 million. On September 14, a maximum of $ 6,2008 was reached, and the daily trading volume rose to $ 367.06 million.
November 11 (i.e. the day after Bitcoin and ether updated record highs) a slightly lower peak of $6,1163 was recorded. Around the same time, MINA’s trading volume reached a record high.
Since November 11, MINA, like many other cryptocurrencies, has been trading in a downtrend. A fresh low of $1.8547 was recorded on February 24.
Virtually unlimited emission
As of March 1, the approximate number of MINA tokens in circulation was estimated at 391,397,894. Now the offer is 824,104,972 tokens.
MINA is an inflationary currency with unlimited issue. The developers decided to stimulate staking in the early years of the protocol’s existence due to an increased level of decentralization. The inflation chart looks like this:
The MINA community can change the inflation targets depending on market conditions.
Invest only those funds that you are ready to lose
More than 17,900 cryptocurrencies are available to investors and speculators. MINA has already gained critical mass, as it has a market capitalization of more than $ 850 million.
Market participants should always remember that the vast majority of cryptocurrencies are doomed to oblivion. Moreover, the entire digital asset class is facing pressure from regulators, and storage and security issues remain unresolved. The combination of these factors will continue to contribute to high price volatility, determining the future of the market.
Invest no more than you are willing to lose, because potential profits always involve significant risks.