In 2021, cryptocurrencies are in a full-blown bull market unlike ever before, beating even the flood of capital that put the digital currency class on the map in the first place.
Four years later, however, the tokens built back then are now emerging as robust ecosystems or tokens that provide unprecedented utility to users. One of those tokens is the Covesting (COV) token – the native utility token of the Covesting copy trading module.
What Is COV?
Covesting (COV) is an Ethereum-based token built on the ERC-20 token standard. It has a current token supply of 19,477,572 COV. Tokens are regularly burned to encourage long-term value for holders. More than 500,000 COV tokens have been burned so far.
The price per COV token is currently trading at roughly $1 and has a market cap of around $18,200,000. It trades on popular DeFi swapping platform Uniswap, leading crypto exchange Kucoin, and HitBTC.
What Is Covesting Copy Trading?
The Covesting copy trading module is a peer-to-peer trading experience developed by a European software developer of the same name. The Covesting team also launched the ERC-20 token COV to unlock added benefits within the copy trading module.
The Covesting copy trading module launched in 2020, with COV token utility launching at a later date. The platform recently had its one-year anniversary. It is available exclusively on the margin trading platform PrimeXBT alongside other innovative trading tools
Covesting copy trading involves followers and strategy managers, who are brought together in a way unlike ever before in the crypto world. Strategy managers can launch strategies and trade with positions enhanced by follower capital. Followers can avoid having to perform technical analysis or strategize themselves and can instead copy the trades of those ranked on the global, fully transparent leaderboards.
COV Utility Token Benefits In Covesting
In addition to all the value Covesting copy trading already offers the crypto trading community, there’s still more to be unlocked with the COV token.
For example, each follower typically pays an entry fee to begin following any strategy. Using COV tokens, these fees can be eliminated entirely. Followers can also improve the profit share in their favor, and strategy managers can get a discount on trading fees to bolster profitability.
Where To Trade COV Token?
COV tokens are available on several top cryptocurrency trading platforms of varying kinds. Here are the most popular platforms to trade COV.
Kucoin is a world-famous cryptocurrency exchange known for its altcoin assets. It first became popular during the 2017 Bitcoin bull run and remained one of the most trusted to this day.
To trade COV on Kucoin, you must first get registered for an account. After getting started on the trading platform, users will need to make a deposit of ETH or BTC, then begin trading the COVETH or COVBTC trading pairs.
Uniswap is the darling of the DeFi world and the most popular automated market-making platform. While platforms like Kucoin provide liquidity to traders, on Uniswap, crypto users provide the liquidity in exchange for rewards.
The platform can also be used to trade wrapped ETH for COV tokens via the popular DeFi swapping application.
HitBTC is yet another popular crypto exchange first gaining popularity during the last bull market, making it one more reputable resource for traders during the current bull run.
The same COVETH and COVBTC pairs are listed, although Kucoin offers better fill rates and less slippage currently.
The COV token is a highly demanded token that’s burned at regular intervals. When token supply diminishes, and demand rises, there can be an exponential effect on price action. Take Bitcoin, for example. Due to the low supply, Bitcoin can form a parabolic advance when demand does pick up.
COV tokens have an even lower supply than Bitcoin itself, yet it is regularly used today within the Covesting copy trading platform. The COV token has completed its transformation from a speculative asset to a token with active real-world utility.
When investors realize this incredible potential, FOMO could begin fast and furious. Anyone reading this guide will be several steps ahead, as you now know where to trade COV token in 2021.