Global Social Chain Crypto: Aiming For 'Woke' Appeal, Struggling For Traction
Andy Hecht | Nov 15, 2021 22:47
This article was written exclusively for Investing.com
- Branding appeal
- Crypto asset class: appealing to younger, woke crowd
- The Global Social Chain
- Hive connecting
- The GSC token has been around since May 2018 and has not performed
The term “woke” has been gaining traction in the US during recent years. It literally means awake or not sleeping, but the Merriam-Webster dictionary defines the term as “chiefly US slang,” meaning “aware of and actively attentive to important facts and issues (especially issues of racial and social justice)."
The growing influence of progressive politicians supporting “woke” causes comes from the appeal they hold for the younger generation that has embraced social equity and climate change issues. A torchbearer of the woke generation has been US Congresswoman Alexandria Ocasio-Cortez, who has defined her political status as a Democratic Socialist, embracing the causes supported by US Senator and former Presidential candidate Bernie Sanders.
The woke causes supported by Congresswoman Ocasio-Cortez and Senator Sanders involve more spending on climate change and social issues facing the US. Both support higher taxes on the wealthy to pay for government programs designed to aid a greater good.
Similarly, the Global Social Chain (GSC) token is a digital currency with a catchy name that may appeal to “woke” cryptocurrency investors.
h2 Branding appeal/h2Advertising executives and experts will agree that branding is a key component for critical success. A brand helps connect an individual's inner emotions and impulses with a product.
A successful brand encompases nine fundamental factors including a purpose, a vision, values, a target audience, market analysis, awareness goals, personality, a voice, and a tagline.
While there is more to a brand than just a name, the name is often the first thing anyone sees and can provide the initial spark of interest.
h2 Crypto asset class: appealing to younger, woke investors/h2Cryptocurrencies have lots of appeal these days and not just because everyone loves a bull market—though that certainly doesn't hurt. The potential to make lots of money relatively quickly is a magnetic force.
With Bitcoin just below the $66,000 level at the time of publishing, a $1 investment in 2010, when many thirty year olds were already well into technology and video games, is a compelling reason for the rising popularity of the asset class.
Meanwhile, technology and tech innovation have their own appeal for younger investors who grew up playing computer-based games and learned how to use the elements of technology as part of their earliest education. Moreover, progressive “woke” principles such as climate change and social equity are popular with this same crowd which embraces those issues.
h2 The Global Social Chain/h2
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Whoever came up with the Global Social Chain cryptocurrency (GSC) surely did their branding homework. The name alone projects it as an appealing brand, likely causing younger market participants to further investigate the protocol.
GSC's website describes the token as:
“Reliable digital asset & trusted network connecting valuable APPs to the chain.”
The GSC protocol seeks to build an “opening global digital ecology.” In other words, Global Social Chain provides complete digital asset issuance and blockchain solutions for developers.
h2 Hive connecting/h2GSC uses the Hive APP, which provides a connection between blockchain and the internet. Hive is the entrance to cryptocurrency, with value incentives. The token from different APPs can be transacted and circulated with the Hive APP. GSC’s developers believe that connecting to global value APPS and managing high-quality digital assets start with Hive.
The Hive application ecosystem aims to connect millions of users that combine the internet and blockchain, leading to what they describe as a “new era” that leads to a digital economy.
h2 The GSC token has been around since May 2018 and has not performed/h2As of Nov. 15, GSC was the 1500th leading cryptocurrency out of a total market of 14,125, putting it in the top 11% of the asset class. GSC came to market in May 2018 when it began trading. It reached a high of $0.22 on May 18, 2018.
Source:
The chart above shows the token's high around the time of its 2018 introduction. Over past years the price has fallen to around the $0.003 level, but recovered to a new high of just over 4.0 cents on Nov. 8, 2021. However, it then failed, falling back under $0.006 as of Nov. 15, 2021.
GSC did an excellent job branding the token to appeal to a younger “woke” audience via its name, but other than that the protocol has not attracted the critical mass necessary for success. Time will tell if GSC can make another comeback over the coming weeks and months.
In the world of cryptocurrencies, the vast majority of the over 14,000 tokens are destined for failure. Many market participants are scouring the market, throwing small investments at tokens in a quest to find the next Bitcoin, Ethereum, or another successful crypto that will turn pennies into a fortune.
Only invest the capital you are willing to lose in this asset class. The potential for incredible rewards comes with enormous risks. Branding is the first step, but that alone does not guarantee success.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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