The New Dubaicoin Cryptocurrency - Why is it all Over the News?

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The New Dubaicoin Cryptocurrency - Why is it all
Over the News?
DubaiCoin or DBIX is basically a form of
cryptocurrency that was launched in Dubai as its
own crypto. It was first started from a public
blockchain, and currently, the crypto is open for
trading only on a few handpicked numbers of
exchanges. The public blockchain till now only
allows people to generate their own DubaiCoin
crypto by mining it themselves.
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The price of DubaiCoin skyrocketed at a rate of
1000 percent over the span of the last 24 hours.
According to a report released by Crypto.com,
when first launched, DubaiCoin was trading at an
approximate value of 0.17 USD, but soon picked up
its pace and rose to 1.13 USD by the 27th of May
2021
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However, it was clarified by the Government of
Dubai over a tweet that DubaiCoin was never
approved by any kind of official authority. The
Dubai Media Office soon tweeted that actually,
the website which has been promoting the
DubaiCoin crypto is a phishing campaign that has
been created with a purpose to steal sensitive
and private information from the visitors of the
website. Let us give you a detailed insight into
this matter.
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What is DubaiCoin and What is Its Purpose?

• The DubaiCoin was first launched and publicized
  by Arabianchain Technology, a company based in
  the United Arab Emirates or UAE. It gained
  massive popularity due to its claim to be Arab's
  first blockchain-based cryptocurrency that is
  open for public usages.

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• The company further informed that the control of
  the circulation of this new crypto form will be
  both in the hands of the city itself, along with
  the authorized brokers.

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Why was this Crypto Trending All of a Sudden?

• When it was first launched, the price of
  DubaiCoin was noted at 0.17 USD, and it was also
  listed on quite a few of the top platforms for
  crypt trading. However, since then most of these
  platforms seem to have removed it. This also
  includes the market-leading platform,
  CoinMarketCap.

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• But the strangest part is that this crypto was
  yet again listed on Crypto.com on the 27th of May
  at a price of 1.13 USD. This indicated that in a
  few hours this crypto has witnessed a whopping
  rise of 1114 percent. Currently, it has a supply
  at a listed price of 4.26 million USD, and a
  market capitalization listed at 4.84 million USD.

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How to Buy this Crypto?

• If we take into account the market scenario to
  date, no major platform for crypto exchange has
  DubaiCoin listed on them. However, interested
  people who are looking forward to investing in
  this particular crypto can do so by exchanging it
  for Binance coin or Bitcoin at the exchange
  platform where this currency is still available.

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Since DubaiCoin is still pretty new in the
market, interested investors are suggested to
look thoroughly into its legitimacy before
directly investing in it.
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