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GYEN GYEN Price

$0.006669

0.42%

$0.006574

24h Range

$0.006696

Market Cap

$13,997,293.1

Fully Diluted Valuation

$13,997,293.1

24 Hour Trading Vol

$713.89

Circulating Supply

2,098,780,833.0

Total Supply

2,098,780,833.0

Max Supply

Info

GYEN Price Statistics

GYEN Price

$0.006669

24h Range

$0.006574 - $0.006696

Percent Change 1h

0.44%

Percent Change 24h

0.42%

Percent Change 7d

-13.39%

All-time high

$0

All-time low

$0

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About GYEN

What is GYEN (GYEN)?

GYEN (GYEN) is a stablecoin that is pegged to the Japanese Yen (JPY) on a 1:1 basis, allowing users to transact in a digital currency that maintains a stable value relative to the Japanese currency. Launched in late 2020, GYEN is designed to facilitate seamless transactions in the cryptocurrency ecosystem while reducing the volatility typically associated with other cryptocurrencies. As a stablecoin, GYEN provides a reliable means of transferring value and is particularly appealing for users looking to hedge against market fluctuations.

Who are the Founders of GYEN?

GYEN was developed by the cryptocurrency company GSENetwork, which specializes in creating blockchain-based digital assets. The team behind GSENetwork consists of experienced professionals from various fields, including technology, finance, and blockchain development. While individual founder identities may not be widely publicized, the collective expertise of the GSENetwork team plays a significant role in the development and maintenance of GYEN.

How does GYEN Work?

GYEN operates on the Ethereum blockchain, utilizing smart contracts to ensure transparency and security in transactions. Each GYEN token is backed by Japanese Yen held in reserve, which is managed by a regulated financial institution. This backing ensures that for every GYEN issued, there is an equivalent amount of Yen secured in reserves, maintaining its 1:1 peg.

The process of minting GYEN begins when users deposit JPY with the issuer. In return, they receive an equivalent amount of GYEN tokens. Conversely, when users wish to redeem their GYEN for JPY, they can exchange their tokens back, and the issuer will burn the tokens, reducing the total supply. This model ensures that the supply of GYEN remains closely aligned with the underlying fiat currency, promoting stability and trust among users.

Top Use Cases of GYEN

GYEN has several key use cases that make it attractive to users:

  • Remittances: GYEN allows for quick and cost-effective cross-border transactions, making it an ideal choice for remittances to and from Japan.
  • Trading Pair: Many cryptocurrency exchanges offer GYEN as a trading pair, allowing users to trade it against other cryptocurrencies while benefiting from its stability.
  • Hedging: Investors and traders can use GYEN to hedge against volatility in other cryptocurrencies, providing a safe haven during market downturns.
  • Payments: Merchants can accept GYEN as a payment method, allowing customers to transact in a stable currency without the risks associated with traditional cryptocurrencies.
  • DeFi Applications: GYEN can be utilized in decentralized finance (DeFi) platforms for lending, borrowing, and yield farming, leveraging its stability for various financial activities.

How to Keep your GYEN Safe?

To ensure the security of your GYEN holdings, consider the following best practices:

  • Use a Hardware Wallet: Store your GYEN in a hardware wallet, which provides offline storage and is less susceptible to hacking.
  • Enable Two-Factor Authentication (2FA): Always enable 2FA on your exchange accounts to add an extra layer of security.
  • Regularly Update Security Software: Keep your devices and wallets updated with the latest security software to protect against vulnerabilities.
  • Be Wary of Phishing Scams: Always verify the authenticity of emails and websites before entering sensitive information or making transactions.
  • Withdraw to a Personal Wallet: After purchasing GYEN on an exchange, withdraw it to your personal wallet for increased security.

How to Invest in GYEN (GYEN)?

Investing in GYEN (GYEN) or any other cryptocurrency involves several steps:

1Choose a Reliable Exchange: Select a reputable cryptocurrency exchange platform like Coinbase, Binance, or Okx. These platforms allow you to buy, sell, and trade cryptocurrencies.

2Create an Account: Sign up for an account on your chosen exchange by providing the necessary personal information and completing the verification process.

3Fund Your Account: Deposit funds into your exchange account using various methods like bank transfers, credit/debit cards, or wire transfers.

4Buy GYEN: Once your account is funded, you can purchase GYEN directly from the exchange. Choose the desired amount and complete the transaction.

Investing in GYEN (GYEN) Using Botsfolio:

Botsfolio is a platform that automates cryptocurrency investments using trading bots. To invest in GYEN using Botsfolio, follow these steps:

  • Create a Botsfolio Account: Sign up for a free account on the Botsfolio platform.
  • Create Portfolio: Select an investment type from available options such as Premade crypto portfolios OR Custom crypto portfolio.
  • Connect Your Exchange: Link your chosen cryptocurrency exchange account to Botsfolio through fast connect or API key to enable seamless investing.

Botsfolio allows you to automate your cryptocurrency investments, potentially saving time and effort while optimizing your trading strategies.

What is the Price Prediction for GYEN (GYEN) in the Long Term?

GYEN (GYEN) is currently trading at $0.006669 and exhibits good potential for future growth. Check the latest GYEN (GYEN) price prediction.

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