FREE Coin Spikes 32,553% In One Week After 99.7% Drop Off in Same Month
Published Greg Thomson
FREE Coin (FREE) hit the headlines back in early November when it entered into the market cap top hundred off the back of a 950% two-day spike .
Now the (almost free) coin is on the move again after surging 32,553% in just over a week. Even more remarkable than that number is the fact that the sudden upward movement comes off the back of a 99.7% drop off in the dollar value of the coin just weeks ago. FREE Coin Spikes 32,553%
The value of FREE Coin was perched at the scientific notation price of 7.35e-8 just over seven days ago. That’s the CoinMarketCap equivalent of $0.
735 for coins that go beyond six decimal places.
Over the next week the coin surged 32,553% up to a dollar valuation of $0.000024 – a surge floated by mere hundreds of dollars worth of trade volume on some days, and a maximum of a few thousand on others.
FREE has now made it onto several small token exchanges since launching back in Q3, but most of the action takes place on Mercatox via the FREE/BTC and FREE/ETH pairs.
The token was listed on Mercatox back in October, and immediately initiated a 29,000% growth run which peaked in early November. FREE Sinks 99.
7%
Following that peak, the value of FREE proceeded to sink 99.7% in value, sinking to a dollar valuation of $0.
735 by November 25th. That gave FREE Coin a market cap of just $200,000, and sent it tumbling out of the top hundred coins and back down to obscurity among the lower end of the top thousand coins.
By Sunday that market cap had climbed back up to $89 million, returning the token to the top sixty. Only five thousand active addresses are listed on Etherscan, with 3.
8 trillion tokens circulating out of the total supply of 10 trillion.
No Such Thing as a Free Coin
For anyone wondering what the purpose of the token is, I refer you to the release notes which accompanied the Bitcointalk forum announcement for the project:
“Between 1 and 5 % of the population uses cryptocurrency in 2017. We need to invite the other 95 % to try out the potential of cryptocurrencies. Therefore we offer a (nearly) FREE Coin, so that everyone can play with this coin without financial risks : create and restore wallets, send to other wallets, test how Exchanges work…”
With 1400 tokens available for every person on earth, the goal of FREE Coin is to become a valued transactional standard through use alone – use which aims to be encouraged by the low, low, starting price of the coin.
With only a few thousand dollars worth of trade volume, it seems global adoption is still some way away for the almost free coin.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can’t afford to comfortably lose. Always do your own research and due diligence before placing a trade.
Read our Terms & Conditions here . Trade recommendations and analysis are written by our analysts which might have different opinions.
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Published Sam Bourgi
Bitcoin and the broader cryptocurrency market ran into familiar resistance on Sunday, as the bulls failed to inspire new highs during the much lighter weekend trading cycle. Cryptoassets are coming off one of their worst months in history, opening the door to bargain hunters and long-term supports to boost their holdings. Market Update
The cryptocurrency market cap, inclusive of bitcoin and the broader altcoin/token universe, fell nearly $3 billion to $135 billion on Sunday. The asset class as a whole reached a high of $139.2 billion earlier this weekend, which was slightly below last Thursday’s swing high of around $142 billion.
The high of last Thursday invited a wave of selling pressure back into the market, triggering sharp declines across most major assets. The cryptocurrency market reached a low of $128 billion on Friday before the weekend rally ensued.
In terms of individual currencies, bitcoin fell 1.
9% to $4,159. The leading digital currency accounts for 53.
6% of the entire market.
XRP slipped 1.
2% to $0.3692.
XRP has quietly defended the $0.
3600 handle since it became the second-largest cryptocurrency.
The so-called “ flippening ” occurred after Ethereum experienced a bigger drop-off last month.
Ether’s price was down 1.4% on Sunday to $117.13.
Another “flippening” event occurred last week in the nos. 4 and 5 spots. Stellar XLM has leapfrogged bitcoin cash in terms of market cap, though both continue to trade neck-and-neck. XLM was up 0.5% at $0.
1617 on Sunday. BCH, meanwhile, was little changed at $172.49.
Bitcoin SV, the cryptocurrency borne out of the bitcoin cash hard fork, continues to trade inversely with the broader market. At the time of writing, the BSV price was up 6.
4% at $101.19. Search for Direction Continues
November was a period of considerable pain for cryptocurrency traders. The market lost nearly $100 billion from peak-to-trough in a series of panic sales and outright capitulations that tested the resolve of the most ardent crypto supporters. In the process, bitcoin registered its worst monthly drop in seven years . This ended a period of relative stability for the leading digital currency, as evidenced by the sharp drop in volatility since the summer.
Although much of the selloff was tied to the events leading up to and following the bitcoin cash hard fork, the limited rebound in prices suggests investor sentiment has been severely damaged.
From a price perspective, market participants have largely discounted the multitude of positive developments on the adoption and institutional fronts.
This was recently highlighted at the annual Consensus Invest conference in New York, which reminded investors that the underlying innovation in blockchain and cryptocurrency was still there despite the loss of mania tied to ICOs and prices. Even SEC Chairman Jay Clayton was present at the event, and despite conveying a somber outlook on bitcoin ETFs , he gave no indication that crypto was going away anytime soon.
December will be an interesting month for crypto. It remains to be seen whether the recent plunge represents a true bottom in prices or whether another onslaught on bitcoin’s $3,000 support will continue. In either case, investors can expect a more optimistic outlook at the beginning of 2019 as two major players – Intercontinental Exchange and Nasdaq – enter the bitcoin futures market. Despite the recent upsurge in short-selling, the futures markets have had a stabilizing effect on bitcoin prices.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can’t afford to comfortably lose.
Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here .
Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here .
Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
( 2 votes, average: 5.00 out of 5 ) You need to be a registered member to rate this. Loading… Sam Bourgi 4.6 stars on average, based on 684 rated posts Sam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world’s foremost cryptocurrency resources.
Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam’s work has been featured in and cited by some of the world’s leading newscasts, including Barron’s, CBOE and Forbes.
Contact: sam@hacked.
com Twitter: @hsbourgi .
