Today, Coti (CCC:COTI-USD) is one of the cryptocurrencies investors are focusing on in a big way. Indeed, the COTI crypto is currently up approximately 15% over the past 24 hours, posting very nice gains on an otherwise red day in the crypto world.
There’s certainly reason for this optimism as Coti sees its price soar today. Indeed, this crypto token is among the trending cryptocurrencies on Stocktwits, as investors turn to social media for clues about which crypto may go on the next parabolic run. Twitter has also heated up, with investors speculating that a new Cardano (CCC:ADA-USD) update could be the reason to buy this small cap token.
Let’s dive into this news a bit more to see why this could indeed be a big deal for crypto investors.
COTI Crypto Soars on Stable Coin Announcement
Coti and Cardano made a joint announcement at the Cardano Summit in Laramie, Wyoming. This announcement centered on the inclusion of the first ever stable coin designed to run on Cardano.
Coti will bring the Djed stable coin to life, spurring increased interest in the Cardano blockchain as a truly significant DeFi place for developers to do business. This stable coin will run on Cardano’s blockchain, which has been enabled with smart contracts and is one of the growing blockchain options for developers in this regard.
Accordingly, Cardano has been often called an “Ethereum Killer,” due to the network’s ability to run similar functionality to that of Ethereum’s. With a new stable coin set to be released, investors bullish on the Cardano platform have reason to cheer. That said, ADA tokens are trading approximately 5% lower over this time yesterday, at the time of writing.
For investors in the COTI crypto, this news is very enticing. This stable coin is expected to be used to pay transaction fees on the Cardano network in a bid to avoid gas fees, which have fluctuated widely. This should make transaction costs more predictable for users, benefiting the network.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.