SPACE ID in Crypto Spring: Token Rises 89% in 2 Days

• Space ID (ID) spiked 108% in price since March 2023.
• At press time, 286 million SPACE ID tokens held a market cap of over $230M.

This Spring continues to display the bullish Altseason — upside price rallies of altcoins — alongside the largest cryptocurrencies Bitcoin and Ethereum. Remarkably, ID, the governance token of Web3 Domain Network SPACE ID, displayed a tremendous price gain of 89% in 2 days. As per CoinMarketCap, the token surged from $0.4504 on April 13 to $0.8522 – the token’s new all-time high (ATH).

Space ID Price Chart (Source: CoinMarketCap)

At the time of writing, Space ID (ID) traded at $0.8274 with a market cap of over $234 million. The token recorded a 24-hour trading volume of $902,810,100 with a 22.67% spike.

What is Space ID?

Space ID is a Web3 identity network that aids in the registration and management of blockchain-based domain names. The platform was launched in September 2022 with the initiation of its .bnb domain name service. Accordingly, the platform enabled users to acquire decentralized identities on the Ethereum, BNB Chain, and Arbitrum.

As per the official website data, the Web3 platform’s Binance (.bnb) Domain Name Service registered 701,401 domains and 495,307 unique owners. Secondly, its Ethereum (.eth) Name Service gained 2,553,413 domains and 640,066 unique owners. Thirdly, the Arbitrum-based .arb Name Service registered 232,886 owners with 267,264 domains.

The network’s native token ID was launched on Binance Launchpad on March 22. Out of the total supply of 2 billion, 100 million were distributed on the Binance Launchpad. Significantly, it plays three primary roles in the decentralized identity network — governance token, payment token, and staking coins.

Source