If you want a fast, cheap, and secure blockchain platform to build and use web3 applications, consider checking out TomoChain(TOMO). TomoChain is a scalable and decentralized network that aims to solve the scalability problem of Ethereum and other blockchains.
Here we look into the origins, profitability, price journey, current price analysis, and future of Tomo crypto.
Table of Contents
Origins of TOMO crypto
TomoChain was founded in 2017 by Long Vuong, a former project lead of NEM blockchain. He envisioned a blockchain network supporting thousands of transactions per second, with near-zero fees and instant confirmation. He also wanted to create a platform enabling interoperability and innovation for web3 applications.
TomoChain adopted a proof-of-stake voting (PoSV) consensus mechanism that relies on 150 masternodes to secure the network and validate transactions to achieve this vision. Masternodes are nodes that stake at least 50,000 TOMO tokens and are elected by TOMO holders. In addition, masternodes receive rewards for their service and share them with their voters.
TomoChain also introduced several features and products to enhance its ecosystems, such as TomoZ (zero-fee transactions), TomoX (decentralized exchange protocol), TomoP (privacy protocol), TomoBridge (cross-chain bridge), and TomoMasterDAO (decentralized governance).
TOMO crypto is the native cryptocurrency of TomoChain. It was initially created as an ERC20 token before moving to the mainnet in Dec 2018. TOMO has several functions in the network, such as:
- Staking: TOMO holders can stake their tokens to vote for masternodes and earn rewards.
- Governance: TOMO holders can participate in the network’s decision-making process through TomoMasterDAO.
- Utility: TOMO is used to pay for transaction fees, brilliant contract execution, and other services on the network.
TOMO crypto has a total supply of 100 million tokens, with no inflation or deflation.
TOMO has experienced several ups and downs since its launch. The first significant price spike occurred in Sep 2018, when TOMO reached an all-time high of $3.92 on the KuCoin exchange. However, this was followed by a sharp decline in the subsequent months, reaching a low of $0.14 in Mar 2020.
A significant price spike occurred in Nov 2021, when TOMO crypto reached a new all-time high of $1.42 on the Binance exchange. This was fueled by the launch of TomoBridge v2, which enabled cross-chain transfers between TomoChain and other blockchains such as Ethereum, Binance Smart Chain, Polygon, Avalanche, Solana, Fantom, Harmony, Heco Chain, etc.
Current Price Analysis
As of Dec 17th, 2021, TOMO is trading at $0.77 with a 24-hour volume of $17 million. TOMO has gained 12% in the past 24 hours and 29% in the past week. However, the current price is still 78% below its all-time high.
TOMO has a circulating supply of 95 million tokens. The current market cap of TOMO crypto is $81 million. Let’s have a look at the chart below for Trend analysis:
On weekly timeframe level the price action of TOMO is bouncing back from its Horizontal Support level, which is marked at $0.4381 to $0.2659 level. All the EMAs flipping into the support levels where the price action we can see an higher low leg level before any further upwards movements
Future of TOMO crypto
TomoChain has a promising future as one of the leading blockchain platforms for web3 applications. The network has a strong team of developers and advisors constantly working to improve its performance and security. The network also has a vibrant community of users and developers creating and using various web3 applications on TomoChain, such as DeFi, NFT, gaming, social media, etc. The network also has a strategic partnership with Alameda Research, one of the leading crypto trading firms and investors.
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