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- Space ID (ID) has increased by 108% in value since March 2023.
- As of the latest update, 286 million SPACE ID tokens have a market capitalization exceeding $230M.
This Spring continues to showcase a bullish Altseason — upward price movements of altcoins — alongside major cryptocurrencies Bitcoin and Ethereum. Notably, ID, the governance token for the Web3 Domain Network SPACE ID, experienced a significant price increase of 89% within a span of 2 days. According to CoinMarketCap, the token rose from $0.4504 on April 13 to $0.8522, marking a new all-time high (ATH) for the token.
Space ID Price Chart (Source: CoinMarketCap)
At the time of this report, Space ID (ID) was trading at $0.8274 with a market capitalization surpassing $234 million. The token noted a 24-hour trading volume of $902,810,100, reflecting a 22.67% increase.
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What is Space ID?
Space ID is a Web3 identity network that facilitates the registration and management of blockchain-based domain names. The platform was introduced in September 2022 with the launch of its .bnb domain name service. Consequently, the platform allows users to obtain decentralized identities on the Ethereum, BNB Chain, and Arbitrum networks.
According to data from the official website, the Web3 platform’s Binance (.bnb) Domain Name Service has registered 701,401 domains and 495,307 unique owners. Additionally, its Ethereum (.eth) Name Service has accumulated 2,553,413 domains and 640,066 unique owners. Furthermore, the Arbitrum-based .arb Name Service has recorded 232,886 owners with 267,264 domains.
The network’s native token ID was introduced on Binance Launchpad on March 22. From a total supply of 2 billion, 100 million tokens were allocated through the Binance Launchpad. Importantly, it serves three main functions within the decentralized identity network — as a governance token, payment token, and staking coin.
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