Cryptovest
Published Jun 27, 2018 04:18AM ET
PeepCoin (PCN): There’s a Bear Market, and Then There’s a 98% Crash
PeepCoin (PCN) was a sub-penny asset, trading even below one Satoshi, when its price exploded in May. But overnight, PCN lined up for a dramatic loss, sliding by 98% as the promised asset swap failed to materialize.
The price of PCN crashed by more than 95%, with no rebounce in sight as selling continues as much as thin volumes allow.
!PCN!
The reason for the dramatic spike and crash was that in the past few months, PCN promised to transform itself into a new digital asset - Dappscoin. In this manner, the project, which has been around for less than a year, created a community of true believers, who expected the price of PCN to grow by multiples once the asset swap was achieved.
Trouble was, the swap never materialized, and panic selling crashed the price immediately. Former true believers called the project a scam, and the move to be a dishonest exit.
Just days ago, PCN had began trading on Cryptopia. But then, the DAPS Project, which was to be responsible for the swap, announced its failure to deliver:
https://twitter.com/DAPScoin/status/1011795746171990017
The statement of the Dapps Project is extremely mystifying: the team announced it discovered several very influential staking wallets, which could, in theory, affect the market price. One of the wallets was known to belong to an old developer of PeepCoin, and it seems there was enough enmity with the new team. Because of those seven staking wallets, for unknown reasons, the DAPS Project decided to self-detonate, bringing much greater harm to the market price, with a potential delisting and a total obliteration for both PeepCoin and DAPS Project.
“To be clear, there will no longer be a swap from PeepCoin to DAPS, as DAPS is not about enriching the original developer of Peepcoin, who has been found to own the second largest wallet,” explained the team.
The community sees this as just an exit scam, covered up by a story of personal enmity. But the greed for a brand-new project made new investors buy up PeepCoin, somewhat similar to the promise of a hard fork for ZClassic (ZCL) .
The DAPS Project right now plans a fundraiser to hire a new team and deliver a product, but most believe this idea is also tainted and would never materialize.
Written By: Cryptovest
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.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.