Crypto agriculture sector outperforms market with 8% gain in 24 hours
Agriculture – one of the smallest crypto sectors – has outperformed the market in the last 24 hours with gains of 8.28%, according to CryptoSlate data.
While CryptoSlate tracks only three crypto projects within the agricultural industry, the projects led the market – with the leading project Blocery rising 16.29% at press time.
The entire sector has a low market cap of just $7.78 million, but there was over $4.3 million in volume on February 21st alone.
Blockery
Blocery uses blockchain technology to record immutable and reliable data about agricultural products’ production, distribution and sales history. The aim is to enable transactional trust and transparency at the same time as the agricultural processes are made more efficient.
The project appears to be mainly active in Korea, with its Twitter account posting regular updates in Korean. The company is exploring new areas to find applications for Blocery, according to a recent Medium post. For example, it is building a B2B distribution platform to allow farm products to reach customers in fewer steps.
Blocery is also improving its Shopbly consumer app, with recent updates focused on speed optimizations, usability upgrades and features to support marketing needs.
However, the team apologized for a recent incident where an inappropriate ad was briefly published due to alleged mishandling of an administrator account. Appropriate measures have been taken to prevent similar incidents.
Agricultural symbols fade
The other tracked projects in the sector are Carbon Coin and Herbalist Token – both with low market caps.
Carbon Coin is run by the Carboncoin Trust, which is a charity that aims to fight climate change by supporting biodiversity, regeneration, reducing waste and avoiding supporting technologies that contribute to warming the planet. Using Carbon Coin for payments was the desired goal, with 90% of the protocol transaction fees going to an environmental organization.
The Herbalist Token Project launched a blockchain-integrated marketplace in 2019 that connected rare herb farmers directly to customers, cutting out middlemen and reducing costs. The goal was to make rare herbs more accessible to consumers and increase profits for growers.
However, neither Carbon Coin nor Herablist Token have posted on their Twitter accounts since 2019 – indicating that the projects may no longer be in active development.
Still, the lack of activity hasn’t stopped either project from posting 12%+ gains over the past seven days. No official announcement has been made to confirm the projects status, but Carbon Coin and Herbalist tokens are available on YoBit and ProBit respectively.
The use of blockchain technology within supply chain-focused industries is a well-documented use case. However, agricultural adoption appears to have been slow, and the future of some crypto projects in the sector is unclear.
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