Unexpectedly, the cryptocurrency market shows an unprecedented rise in the value of Estee (ESTEE) token, which was previously unknown among the audience of investors and traders. Within the last 24 hours specifically, ESTEE has increased by an incredible 83.26% which goes against the overall market trajectory and could make it a promising contender for a dark horse in the crypto world.
As it stands now, Estee floats at $0.05818 and therefore sits on rank 3057 with a current market capitalization of $3.79 million. This growth has also been supported by a tremendous rise in trading volume which as at the last day displayed 589, 873. 83 in trading of ESTEE. Volume to market cap ration is at 15.10% which is a great position to describe interest from investors and overall liquidity of the token.
It hardly needs any explanation that what can distinguish Estee from many of the other cryptocurrencies is its tokenomics. The project has a total and, therefore, maximum emission of 420,690,000,000 ESTEE tokens in circulation. Surprisingly, the total supply is claimed to have been distributed meaning that the total market capitalization at the time of writing this is a mere $3.44 million. The above manner of the token distribution has probably helped boost the confidence of investors.
A recent article stated that Estee has rapidly gained prominence among many crypto lovers, which raised debates to what extent the platform had contributed to its massive progress. It is argued that the novelty is due to greater attention to the token on social networks and to possible updates or partnerships that may have been announced recently.
However, it should be understood that Estee continues to be an extremely risky and even relatively exotic investment instrument. Again, the market prices for cryptocurrencies are volatile and investors should avoid making decisions regarding any investment let alone these cryptos with high volatility especially the alt coins such as MGO.
The Estee phenomenon resembles all other meme tokens that have risen to prominence in the crypto market in the past year. Such tokens that are sometimes derived from internet trends or the latest trends have demonstrated the ability to bring in high returns for the first investors. However, there are also a number of disadvantages associated with them, primarily because, unlike traditional financial instruments, cryptocurrencies derive their value not from intrinsic performance characteristics, but rather from the perception that the members of a particular community have of them.
Experts began to question the longevity of Estee and its applicability as the crypto community follows Estee’s development intently. In fact the token’s website and social media pages may give some idea about the purpose and objective of the token but still investors should not rely solely on such information and should do their homework and diligence before investing in the token.
The meteoric rise of Estee, coupled with the growth of meme coins and the debate surrounding the place of these and other altcoins in the greater crypto space. Some detractors have accused these tokens as being mere fads that obscure genuine blockchain projects and advanced technology, while proponents defend that they introduce new investors to the space, and in the process drive overall increase in demand.
This shows that the market of digital assets remains turbulent and that the achievements of Estee remains an interesting story to watch in the future. Such token performance always serve as reminders of the new trends that may eventually form one has to be ready to catch a fast moving market.
That is why right now, it is crucial whether Estee will continue growing as fast as it is now and become an enduring name in the world of cryptocurrencies. The next several days and weeks will prove decisive as to whether the stock is starting its prolonged upward movement or if the recent price increase is just the hysteria induced by speculation.
Thus, the shining example of Estee’s success is a brilliant example of the modern and quite often incomprehensible world of cryptocurrencies. This implies that as the market grows, we are likely to find more examples of such a scenario where unknown tokens beat the big players. Currently all falls on Estee as it faces its moment in the lime light and try to establish it’s position among much competition in future of cryptocurrency.
