A social media-focused altcoin is surging this week after the announcement of a new partnership with the popular crypto wallet MetaMask.
Decentralized social media platform Decentralized Social (DESO) rallied to a weekly high of $11 today, marking a 102% increase from its seven-day low of $5.43
The 226th-ranked crypto asset by market cap has retraced since the weekly high, but it remains up nearly 40% in the past 24 hours, trading at $10.32 at time of writing. Despite the slight pullback, DESO continues to outperform all other crypto assets within the top 300 by market cap ranking.
The Coinbase-backed layer-1 blockchain project aims to redefine the nature of social media applications by resolving scalability limitations as well as protecting users and content creators from centralized authorities.
Decentralized Social’s new integration with MetaMask “paves the way for DeSo to become the cross-chain social layer for all Web 3.0,” according to a press release from the project.
Explains DeSo founder Nader Al-Naji,
“Existing blockchains cannot store content efficiently. It costs about $50 to store a 200-character Tweet on Ethereum and about fifteen cents to store it on Solana, Avalanche or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social.”
Despite the gains this week, DESO remains down almost 95% from its all-time high of $198.68, which it hit in June of 2021.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/eva cool