Update Oct 28, 2014: Information on the ongoing premining saga added.
Whatever gets high, must come down. Such is the case with most Altcoins undergoing astronomical multifold gains. But the drop doesn't usually happen so quickly.
Cannabis Coin had its share of glory when it rocketed by over 1000%, reaching a peak of 16,500 satoshi ($0.063) one week ago. The crypto-cannabis worlds were excited to learn that one Cannabis Coin would become redeemable for 1 gram of cannabis, starting at the โYes We CANNโ event at Phoenixโs Herbal Wellness Center.
With marijuana prices typically ranging from $8 to $20 per gram, the coin was still a bargain. Technically, it could have exploded another 100-fold- which may have been a new record for altcoins- and still worth its price.
But the coin has since lost its luster, shedding as much as 85% in just one week. It now trades at 2900 satoshi, off its 2500 satoshi lows from two days ago. Volume has dropped to the equivalent of only $17,600 in the past 24h.
After getting "as high as" 12th in market cap rank, worth over $5 million, CANN has now plummeted to 33rd, right behind Ethercoin and worth $652,000.
Destabilizing the coin's value has been uncertainty over the fate of millions of premined coins. Controversy continues if these coins are still accessible to a core developer or have been "burned". The developer's credibility has been challenged, and the situation has been complicated by a hard Fork early on in the coin's life allowing it to undergo a change in hashing algorithm. Many of those concerned more with the project to support cannabis users, and less with its crypto elements, are disillusioned by "altcoin antics" not unseen before.
Some have also pointed out that a preroll, made with "leftovers", can be obtained for free at many dispensaries.
Update Oct 28, 2014: Information on the ongoing premining saga added.
Whatever gets high, must come down. Such is the case with most Altcoins undergoing astronomical multifold gains. But the drop doesn't usually happen so quickly.
Cannabis Coin had its share of glory when it rocketed by over 1000%, reaching a peak of 16,500 satoshi ($0.063) one week ago. The crypto-cannabis worlds were excited to learn that one Cannabis Coin would become redeemable for 1 gram of cannabis, starting at the โYes We CANNโ event at Phoenixโs Herbal Wellness Center.
With marijuana prices typically ranging from $8 to $20 per gram, the coin was still a bargain. Technically, it could have exploded another 100-fold- which may have been a new record for altcoins- and still worth its price.
But the coin has since lost its luster, shedding as much as 85% in just one week. It now trades at 2900 satoshi, off its 2500 satoshi lows from two days ago. Volume has dropped to the equivalent of only $17,600 in the past 24h.
After getting "as high as" 12th in market cap rank, worth over $5 million, CANN has now plummeted to 33rd, right behind Ethercoin and worth $652,000.
Destabilizing the coin's value has been uncertainty over the fate of millions of premined coins. Controversy continues if these coins are still accessible to a core developer or have been "burned". The developer's credibility has been challenged, and the situation has been complicated by a hard Fork early on in the coin's life allowing it to undergo a change in hashing algorithm. Many of those concerned more with the project to support cannabis users, and less with its crypto elements, are disillusioned by "altcoin antics" not unseen before.
Some have also pointed out that a preroll, made with "leftovers", can be obtained for free at many dispensaries.
Is Ripple's XRP Facing a Long-Term Price Decline? Adoption Soars 28% Despite Losses
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
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Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
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Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Fintech Talent in the UK: The Human Factor Driving Industry Change ๐
What does it take to attract, retain, and upskill the best fintech talent in todayโs rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industryโwithout replacing the human touch.
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Fintech Talent in the UK: The Human Factor Driving Industry Change ๐
What does it take to attract, retain, and upskill the best fintech talent in todayโs rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industryโwithout replacing the human touch.
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Executive Interview with Roberto Politano | Innovate Finance | FMLS:24
Executive Interview with Roberto Politano | Innovate Finance | FMLS:24
Executive Interview with Roberto Politano from Innovate Finance at the Finance Magnates London Summit 2024
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Executive Interview with Roberto Politano from Innovate Finance at the Finance Magnates London Summit 2024
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