The MDT crypto price went parabolic as investors bought the coin’s dip. Measurable Data Token price rose to a high of $0.057, which was the highest level since May 8th of this year. It has jumped by more than 147% from the lowest level this year, bringing its total market cap to over $26 million.
What is Measurable Data Token?
Measurable Data Token is a relatively small blockchain project that is changing how people deal with their data. It uses the concept of big data to reward users who use its Rewards application.
Measurable Data Token runs two applications in its ecosystem. First, there is Measurable Finance (MeFi), which is a blockchain oracle for financial data in the decentralized finance (DeFi) industries. It contributes off-chain external data feeds to public blockchains. This is what other oracles like Chainlink and Band Protocol provide.
As such, DeFi developers can use the solution to simplify their app creation. The main challenge for this product is that the oracle industry has become extremely competitive, with companies like Chainlink, WinkLink, and Pyth providing the solutions.
Measurable Data Token’s other app is known as RewardMe. It is an Android and iOS application that uses big data to reward its users. Its Android app has more than 100k downloads while its iOS app has just 40 reviews.
The process starts when a user downloads the app and then provides their email and credit card information. After this, they will earn rewards every time they shop in most stores. Some of its partners are companies like Amazon, Starbucks, Shopee, and Uber.
In addition, Measurable Data Token users can earn the MDT Token when they complete tasks provided by the network. Some of these tasks are surveys and product testing. Another way of earning is by staking the MDT token. Staking is when you buy the coin and hold it in your wallet.
Measurable Data Token also provides your data in an anonymous format to its merchant partners. This process is made possible by smart contracts through the blockchain.
The MDT crypto price went parabolic during the weekend as investors bought the dip. With no major ecosystem around, this rebound was likely a pump and dump scheme such as those we have seen in other coins like BarnBridge and Astar Network. It could also be a wash trade as the volume suddenly went parabolic.
MDT crypto price prediction
The four-hour chart shows that the Measurable Data Token price went parabolic on Saturday as demand for the coin jumped. As you can see, the volume of the coin went up suddenly, implying that this could be a wash trade scheme.
The coin rose above the important resistance level at $0.042, which was the highest level since June 1. It also rose above the 25-day and 50-day moving averages. Therefore, I suspect that the coin will resume a major downward trend as buyers take a profit. If this happens, the next key support level to watch will be at $0.03, which is about 30% below the current level.