Will SwissBorg Maintain Its Price or Is A Crash Incoming?
During the past few months a little known cryptocurrency managed to pick up steam and greatly increase its price. SwissBorg (CHSB) an ERC-20 token managed to increase its price from $0.016813 on the 1st of May and is currently trading at $0.162240. This is nearly a 900% increase in CHSB's value in less than two months.
This price increase catapulted CHSB into the into the top 100 cryptocurrencies. It is currently ranked #65 on CoinGecko and CoinMarketCap just below Bitcoin Diamond.
What Does SwissBorg Do?
SwissBorg began as an ICO that ended on January 10th in 2018. They managed to raise $51,000,000 to develop a wealth management app which works somewhat like an exchange of sorts and a community app. In the wealth management app, users can get better rates & liquidity as SwissBorg's platform connects to all major exchanges.
Their native token CHSB is used for a few functions, including staking, voting rights, and rewards. Like many ICOs of its era, CHSB declined in price gradually until its recent rise.
CHSB's Rise to Glory
Swissborg's recent climb in the past month or so seems to be related to the release of their wealth management app. It has been expanding into various countries including Japan, South Korea, and the UK during the past few weeks. So far on Android devices the app was downloaded more than 5000 times with 247 mostly glowing reviews and an average of 4.7 stars.
Additionally, SwissBorg introduced a Protect & Burn functionality with CHSB. It is a different take on standard buyback and burn which is a common way to boost token price.
Should SwissBorg continue its expansion on mobile devices it could maintain its price and possibly expand.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado