As the crypto world continues its dance of volatility and unpredictability, one project has steadily been making waves – CULT. A dark horse in the digital currency race, CULT.DAO has caught the attention of investors worldwide.
But the question remains, will this enigmatic crypto become the golden goose of 2023? Read on, as we delve into the nitty-gritty of CULT’s potential and determine whether it holds the key to your financial prosperity.
???? What is Cult.DAO?
Cult.DAO is a decentralized organization of individuals who have come together to create a future that has true decentralization. The DAO is an interesting community of developers and crypto enthusiasts who have entrusted their funds to a smart contract that has been successfully running since February 2022, when it was launched.
The founder of the project is shrouded in mystery and is only known by his/her pseudonym ‘Mr. Omodulus’. Wild theories have been thrown around that this individual and the founder of the famous Shiba Inu (Pseudonym: Ryoshi) are the same person.
Nevertheless, despite the devs being highly anonymous, Cult.DAO has thrived. Just recently, the DAO launched the testnet of its DAO-backed, zkEVM blockchain known as Modulus.
???? Read the full Cult.DAO manifesto (whitepaper).
The project was launched at the beginning of a bear market and hence, it has never known any bull market. This leaves a wide area of speculation as to how this asset can perform in a full-on bullish market.
⚙️ How the Cult.DAO Machine Works
Cult.DAO operates on the principles of decentralization and autonomy. Its engine is powered by a smart contract, which is a blockchain-based protocol that autonomously enforces the rules and guidelines established by the DAO’s members. All decisions within the Cult.DAO is reached through consensus by its members, ensuring that everyone has a say in the direction of the project.
The Cult.DAO smart contract works by taking the 0.4% tax charged on every CULT token interaction to the DAO’s treasury. When the US Dollar value is equivalent to (market value) 15.5 ETH, 13 ETH is taken and used to invest in blockchain projects whose proposal has passed the approval of the DAO. The remaining 2.5 ETH to a burn wallet.
All of this happens automatically with the help of the renounced smart contract. These investments bring profits back to the DAO in the form of CULT tokens. 50% of the profits are burnt, while 50% is distributed among CULT stakers.
The DAO’s native blockchain, Modulus, employs the zkEVM technology, a zero-knowledge proof system for Ethereum Virtual Machine. It brings a layer of privacy protection to the transactions, allowing members to transact securely while maintaining anonymity.
???? CULT Price History
As mentioned before, the DAO was launched just two months after the 2021 bull market had ended. However, the project has fought thick and thin to remain relevant and on top.
Like every other project in the crypto space, the CULT token has shed over 95% of its value due to the ongoing bear onslaught. At the time of writing (August 18, 2023, 06:24 AM UTC), CULT is trading at 0.00000209. While this signifies a 97.21% drop from its all-time high price of $0.00007459, it is also +1,308% higher than its all-time low price of $0.0000001479.
???? CULT Price Analysis
CULT token is currently trading below the 200 and 50-day moving averages which are extremely bearish. Due to the current market conditions, the token has never tasted a Golden Cross, but might soon be up for one since the two indicators are trending close together.
In early March, the asset came very close to forming a Golden Cross, but the downward market pressure thwarted these efforts.
On the weekly chart, the CULT token is in a bullish chart pattern: the falling wedge.
Falling wedges provide buy signals in any traded asset. However, all this is based on probability. The truth is cult has no more room to move lower. Falling wedges have a 62% chance of breaking to the upside. The common take-profit area for a falling wedge breakout is the highest peak in the pattern. For CULT, that would present a +900% profit from the current price.
In addition to that, the Modulus blockchain uses CULT as the gas fee, and all the gas is burnt. Scarcity and high demand will drive the price of CULT to the sky. There are currently over 20 projects ready to deploy on Modulus when mainnet launches and countless more are being developed.
????️ Projects building on Modulus.
Final Thoughts
The anonymous nature of Cult.DAO underlines the project’s commitment to decentralization, where the focus lies on the technology and the community instead of the creators. This can be seen as a testament to the project’s resilience and potential, as it has thrived in a bear market, displaying its inherent strength.
As we look ahead, the potential growth trajectory of Cult.DAO in a bull market is indeed exciting and leaves room for speculation. Only time will reveal whether this dark horse will lead its followers to a prosperous future.