Dubaicoin jumps 1,000% in 24 hours after claims of Dubai’s official crypto. What’s the truth?

The price of Dubaicoin (DBIX), a newly launched cryptocurrency based on the public blockchain, reportedly shot up by 1,000 per cent within 24 hours after falsely claiming to be the official cryptocurrency for the city of Dubai. ArabianChain Technology, the company behind Dubaicoin, claims to be the first public blockchain in the region, allowing users to mine the currency, and maintain the blockchain ledgers.

Dubaicoin was listed on a number of trading platforms, including CoinMarketCap, with an initial price of $0.17. However, the price of Dubaicoin rose to $1.13 on Thursday after a press release said that the cryptocurrency will soon be used to pay for a range of goods and services, placing it as an alternative to traditional bank-backed currencies.