Common question being sent to the Glitzkoin team – will DogeCoin race past Glitzkoin GTN. Any answer would be guesswork, there is no logical explanation for predicting a ‘yes or no’ answer to that question. DOGE investors generally respond to comments made by Elon Musk about the token. The gentleman makes says some nice things about DogeCoin, when he happens to be in the mood.
An interesting event that triggered a brief rise in DogeCoin price, happened early in the month of April 2022. After much debate about Elon Musk’s interest in building a social media platform, he announced his association with Twitter. News was that Elon Musk had bought a 9% stake in Twitter. This announcement triggered a DogeCoin price rise but, the updated price level sustained for less than 72 hours.
Interestingly it was a Linkedin Post By Our CEO Navneet Goenka, that drew much attention. Besides talking about the possibility of DOGE racing ahead of Glitzkoin GTN in that post, the CEO also made a comment on the rise in DogeCoin price after the Twitter announcement. Navneet Goenka mentioned that, he was really not sure whether the Elon Musk and Twitter deal, would benefit DogeCoin investors in any way. This statement was significant as DOGE climbed down, less than 48 hours of the LinkedIn post being published.
Now coming to Glitzkoin’s reaction on the possibility of, DogeCoin rushing ahead of Glitzkoin GTN, in the coming weeks. We have consistently made it clear that, we welcome competition. On a much higher level, we realize that for Altcoins to significantly raise their trading volume, it would take a big bunch of them to trade actively. Remember our call for reducing Bitcoin trading volume, in terms of dollars. The 30% Bitcoin and 70% Altcoin ratio that we recommend is surely possible, but for this to happen we would require, no less than 200 to possibly 300 active Altcoins.
There is not much that Glitzkoin or DogeCoin or even Cardano, could do on their own. It would require cumulative action and that, in turn would generate competition. Glitzkoin continues to take an overview of Altcoins. We see them as a balancing force in a market that was until recently, dominated by Bitcoin and to a certain extent ETH.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.