DexCheck token has been in price recovery mode for the past few weeks following some significant developments from the project during this time. DexCheck has shown persistence as a financial commodity and as a technology project. The price action saw the token price move from levels below $0.019 to levels above $0.027, it has since settled above $0.022 after some profit-taking. However, from every indication, this move is just the beginning of many more positives to come from this asset in terms of price. We could draw up tons of TA charts to strengthen this claim as the DexCheck charts look equally bullish, but we will focus on some other statistics that show that this token is gearing up for an interesting time in the following weeks.
I drew up some growth analytics data using Dune analytics and SEO analytics tools as well. It is important to note that both tools have been tested severally by many other analysts and are known to deliver correct data. I also obtained some data from the token’s smart contract data.
Growth Analytics
Platform User growth
DexCheck.ai is the official platform of the DexCheck project. To get an insight into the growth of user interest in the product, I analyzed the daily visitor statistics.
On average, over 500 unique users visit the application’s interface daily. The platform visitors peaked first in September and dropped significantly after this time, this is also a few weeks after the DCK token hit its ATH. However, the project appears to have continued to garner interest since this time, daily visitor data continues to climb as the project builds.
As an aside, I also launched a query on the visitor distribution. This data gives an insight into the type of investors who are interested in the project. A majority of the daily visitors are located in Europe and the United States (US). About 38% of the daily visitors are located in the United Kingdom (UK).
Holder growth
I used Dune Analytics to obtain data on the number of new DexCheck token holders over the past few months. This doesn’t include users who purchase and hold their tokens on exchanges. Evidently, most trading activities for the DexCheck token take place on centralized exchanges, and the individual traders on centralized exchanges aren’t reflected here. But these statistics give an idea of how many new investors move their tokens to their wallet after purchase and new holders buying from exchanges or receive from friends.
From the data obtained, over 1200 new wallets acquire the DexCheck token every month. The highest new wallet growth recorded is between June 1st and July 1st with almost 4,000 new holders. This period coincides with the token launch, this comes as little surprise since most purchase activities took place on-chain during this time. From this period, the token has traded most on centralized exchanges but still records over 1,000 new wallets every month. From October to November 1st, about 1200 new wallets acquired the DexCheck token.
Holder distribution
Analyzing the 5,362 DexCheck token holders at the time of writing; the token appears to be evenly distributed as just 198 holders hold over 20,000 DCK. This could also raise fears of whale manipulation, so, I analyzed the individual big wallets. A majority of these are exchange wallets, vesting wallets, and liquidity pools. The DexCheck token has a uniform distribution with mid-sized and small-sized wallets dominating the holders’ list.
A uniform distribution ensures that few holders don’t hold the asset back from appreciating in case of a new wave of purchases.
From the growth statistics studied, DexCheck token and the project are having organic growth and are likely to record new highs in every aspect of the project. Some factors could even make this happen earlier than expected.
Project Fundamentals
New developments and promotions scheduled for Q4 2023
November is shaping up to be an eventful month for DexCheck, with two significant launches scheduled for the month. These developments, coupled with strategic marketing initiatives and exchange listings, are expected to have a significant impact on the project and the DexCheck token.
The first exciting launch is the Sniper bot, scheduled for early November. The Sniper bot is more than just a utility application; it’s an attractive addition to DexCheck’s ecosystem. Users of the DexCheck Telegram bot will have the advantage of quick and profitable one-click purchases, thanks to the Sniper bot’s capabilities.
The second major launch is the DexCheck IPSO (Initial Private Sale Offering) platform. The IPSO acts as an incubator for high-potential crypto projects. What makes it particularly appealing is that it allows DCK token stakers to invest in these new projects before they become publicly tradable. These launches are significant milestones that are anticipated to fuel demand for the DexCheck token, these could see the price pick up faster than expected.
Positive Bitcoin price development
Bitcoin has been making notable moves, recently surpassing the $35,000 mark and trading at levels above 35,800. It is currently trading within this range and looks to be gearing up for another significant rally. The broader cryptocurrency market has responded with an average 7% gain, indicating renewed optimism and market strength. If the normal market trend reigns, then altcoins are set for a special rally. If the market stays healthy during the period when DexCheck launches the new features, we could see a bull-type rally for DCK, potentially climbing to 5X its current price.
Telegram bot and Artificial intelligence narratives
DexCheck has a strong presence in both the Telegram bot and AI sectors. Both narratives appear to be gaining steam lately. DexCheck is well-positioned to benefit from the increasing interest and demand in Telegram bots and AI-based solutions. Being a low-cap project in both of these sectors and perfectly combining these two narratives, DexCheck is an appealing choice for investors seeking projects with high growth potential.
Closing Thoughts
Every cryptocurrency investor would easily develop an interest in what the DexCheck team is building. An ecosystem of efficient applications developed using the best-grade technologies is exactly what a space like this needs for traders’ analyses. The interest this has gained is gradually reflecting in the project’s valuation. At a market cap of just $3 million, the DexCheck token is an absolute steal, intelligent investors are already taking charge of this opportunity as seen in the statistics we discussed in this article.
It might be a bit complicated to say for sure how this pattern will develop in the next few weeks, however, every lead point at a positive one for the project and its native token. With the project’s market also expanding via new listings, the investor’s scope gets wider and things are looking even more interesting for the project. Having said this, it is important to reiterate the uncontrollable movement of the market, therefore apply risk-management strategies while investing, and note that is not financial advice.
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