As a long-term crypto investor with experience in the AI and data infrastructure space, I’m keeping a close eye on Covalent (QCT) and its recent developments. While I was disappointed to see the sharp price correction of QCT from $0.15 to $0.10, I remain optimistic based on the project’s potential and the positive sentiment from crypto analysts like Michael van de Poppe.
In the previous 24 hours, the cost of the native token for Covalent (QCT), a flexible data foundation for artificial intelligence (AI), has experienced significant price volatility.
On Thursdays session, the value of QCT plummeted significantly, dropping from $0.15 to $0.10. Yet, since then, there has been a recovery and QCT is now hovering around $0.16 in trading. Amidst the AI-focused crypto community, efforts are being made to stabilize the project following the recent network development related price fluctuation.
Expert’s take: According to crypto analyst Michael van de Poppe, Covalent is primed for a rebound following the significant price decrease mentioned on X.
“CQT has been thriving within its ecosystem, and they’ve suggested transforming CQT into CXT as part of their ongoing development. Despite a significant price decline recently, I believe this trend will reverse in the upcoming time frame.”
As a researcher studying the cryptocurrency market, I can tell you that CQT has been thriving within its ecosystem. They’ve recently proposed an exciting development: transforming CQT into CXT as part of their continuing evolution.The price of this digital asset experienced a significant downturn in recent times, but based on my analysis and the positive changes underway, I believe that the trend will shift favorably over the upcoming period.— Michaël van de Poppe (@CryptoMichNL) July 11, 2024
Covalent migrating QCT to CXT
In a recent announcement, Covalent unveiled plans to transfer their current token, CQT, to a new token named CXT. According to their blog post, this transition signifies the beginning of a fresh phase for the platform.
As a researcher studying the development of modular data infrastructure networks, I would describe the transition as follows: This evolution allows our network to expand its reach to accommodate the expanding realm of AI applications and ensure long-term data accessibility. The modification includes updating the ticker symbol to CXT and introducing a broader scope and enhanced liquidity to facilitate this expansion.
At present, the Conceptual Quantum Technology (CQT) falls short of realizing this goal, especially when it comes to implementing a distributed data infrastructure framework.
The proposal garnered approval with a total of 37 million QCT, surpassing the required quorum of 10 million QCT for passage during Covalent’s voting period from July 9 to July 11.
As a researcher studying the token migration process, I can explain it this way: The automatic token swap is designed for holders, operators, and delegators with a 1:1 ratio. During the recent governance vote and migration, Covalent implemented a trading halt. Notably, OKX, Gate.io, and Crypto.com exchanges endorsed this halt.
Covalent successfully raised $5 million in investment from notable venture capitalists, such as RockTree Capital and CMCC Global. The company intends to apply these funds towards enhancing its data infrastructure.
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2024-07-11 18:28