How Seele’s (SEELE) Price Stands to Benefit From a Full Launch of Stem Subchain
- The Seele (SEELE) Mainnet was officially launched in April 2019.
- After the launch, the price of SEELE shot up from around $0.01 to $0.18 in November of the same year.
- The team recently announced that the Stem Subchain Beta 1.0 had been released.
- Will the final release of the Stem Subchain boost the value of SEELE?
A glance at the cryptocurrency markets courtesy of Coinmarketcap reveals that Bitcoin is only a few hundred dollars away from erasing all losses it experienced in March. The King of Crypto is currently consolidating around the $7,300 support zone and has resulted in other altcoins catching up on losses seen in the same month. Further scanning for top gainers, we find that Seele (SEELE) is up 20% in the last 24 hours and is currently trading at $0.066.
Brief History of Seele (SEELE)
The SEELE blockchain is designed for a high throughput of 2,000 tps through the utilization of anti-ASIC MPoW algorithm and Seele Sharding Technology. Seele is completely compatible with the Ethereum Virtual Machine. The goal of the team is to create a secure, high performance and scalable blockchain.
The SEELE ICO was carried out on 3rd April 2018 and went on to raise $12,230,000 to develop its platform. The Mainnet was launched a year later in April 2019.
Before the launch, the price of SEELE was hovering around the $0.01 price zone but as soon as the Mainnet was confirmed, the price of the token rose and peaked at $0.18 in November of the same year. This is an impressive gain of 1,700% in a very short period.
Seele Stem Subchain Beta 1.0 Released
On the 31st of March, the team at Seele announced that they had released the first Beta version of the Seele Stem Subchain. This subchain is aimed at increasing the capacity of the Seele mainnet to handle more transactions. The team further explained how the subchain feature will be beneficial for its users.
The Seele Stem subchain protocol enables unlimited groups of users to build their own blockchains and interact with the Seele mainnet securely. The transaction per second (TPS) could be very large in a subchain (public or permissible) while the safety of the assets are well protected by Seele mainnet. Hence, the Seele Stem subchain can serve all kinds of blockchain applications without adding too much burden to the mainnet.
Can a full Launch of the Stem SubChain Return Seele to Past Highs
Further observing the charts, we notice that SEELE experienced a local bottom on the 13th of March at a value of $0.034. The token has since almost doubled in value at the time of writing this. SEELE is trading at $0.066 and looks set to continue on its upward trajectory.
In terms of the resistances it must overcome, SEELE will have to bulldoze the following areas.
Depending on the cryptocurrency market environment set by Bitcoin (BTC), SEELE is surely to continue on its upward trajectory in the coming weeks as fans of the project wait for the Stem SubChain to be fully launched.
(Feature image courtesy of zibik on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.