Cryptocurrency traders and investors had high expectations leading up to the launch of the CORE DAO mainnet. They had heard rumors of major updates coming and predictions of a bull run on CORE’s native token as a result.
But when the much-anticipated launch happened, it failed to meet that expectation. Despite months of development and buildup, the price of CORE dramatically dropped instead of rallying. Crypto communities responded harshly; some pointing to the missed deadlines for launch or poor communication from CORE officials as reasons for their displeasure.
Let's trend 1 Core = $6,555#CORE TO #USDT
— Elijah Oladayo (@elijaholadayomi) February 8, 2023
The criticism didn’t just come from its own crypto community, either. Crypto experts outside of CORE had long contended that the project was too ambitious for such a small team, leading them to predict failure. Still, despite this dissent from outside sources and its own userbase, CORE still maintains confidence in their mission statement and doesn’t seem ready to give up yet.
What Happened to CORE Token Price Following the Launch?
When CORE DAO launched its mainnet in January and the released it’s token on February 8th, the price of CORE tokens had expectations to achieve a bullish trend. Unfortunately, what followed was the exact opposite of what many users had hoped for.
The token’s value on major cryptocurrency exchanges plummeted shortly after launch and continued to decline until mid-2020. With prices hovering around $2, users were left wondering just what had gone wrong with their investment—after all, they had put their trust in CORE DAO’s promise to provide a revolutionary platform for decentralized finance projects.
The drop in price can be attributed to two key factors:
- Lack of demand for the token as more investors felt deterred by the lack of returns;
- High amount of circulating supply as CORE DAO left its mainnet launch with an oversupply of tokens on the market.
With such a high amount of tokens being sold but not bought, it is no wonder why the token struggled to find a buyer and as such has failed to hit any kind of bullish trend since its launch.
What Have Users Been Saying About CORE DAO’s Performance?
What have users of CORE DAO’s platform been saying about its performance? Unfortunately, the response has been largely negative. Many users have taken to social media and online forums to express their frustration with the project and its lack of progress.
One user said, “It has been over a year since the mainnet launch and the CORE token still hasn’t hit the bullish trend it was supposed to. It shows that CORE DAO doesn’t have enough support from its community to sustain itself.”
Another user commented, “The devs have failed to deliver what they promised and have left us with a platform that is out-of-date, slow, and unreliable. It’s simply not worth investing in such a project.”
Others have also been quick to point out that the team behind CORE DAO has not taken any real steps to improve their platform or respond to user feedback. This lack of engagement from the team is seen by many as yet another sign that the project has gone offtrack.
Has CORE DAO Fulfilled Its Promises to Its Userbase?
When CORE DAO launched its Network in 2021, it promised to be a revolutionary platform for decentralized administration and digital asset management. However, the CORE token has failed to live up to pre-launch expectations, with its price failing to hit predicted bullish trends.
When investing in the CORE DAO platform, users were selecting the platform for several reasons:
- Its high capacity for administration tasks.
- The existence of digital asset transfer protocols.
- The potential to create a secure and stable environment for distributed applications (dApps).
CORE users expected these features—and more—to be live on the platform as soon as it launched, yet they experienced technical issues with the network’s stability and scalability. This meant they were unable to access key features such as governance voting and staking, leading to disappointment among users who had invested in the project with high expectations of achieving returns.
What Are the Prospects of CORE DAO in the Future?
When it comes to the future of CORE DAO, the sentiment amongst the crypto community is currently divided. While some believe that CORE’s recent mainnet launch will eventually result in a bullish trend for its token price, others are less optimistic.
The general consensus is that CORE’s current prospects aren’t looking too good, largely due to the amount of competition in the DeFi space. Additionally, there are concerns about CORE’s functionality and scalability, which also casts doubt on its long-term success.
For those reasons, many believe that CORE’s long-term prospects are uncertain and that investors should proceed with extreme caution before investing in a project whose future is still unclear. While CORE may yet succeed, it could also fail in spectacular fashion due to the competitive nature of the DeFi market.
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