Fresh crypto-coin U.Cash (UCASH) has rocketed in value over the past 24 hours, or a third of its entire trading history.
The coin, which only began trading at 18:30 on Friday evening, shot up in value over the course of the afternoon from being barely worth $0.02 with a market cap of $168,621,569 on Sunday midday, to $0.12 with a cap of 1,073,876,983 by 16:30. A sudden $900m increase in value.
By 22:00 the coin was worth $0.19 with a cap of 1,619,115,689 and peaked at 23:00 when it was being traded at $0.23 with a cap of 1,970,076,428, a little under an 18% increase in an hour. This means that in little more than 11 hours the coin’s total valuation had increased by $1.8bn. U.CASH only began trading on Friday the 9th of February, following its listing on cryptocurrency exchange BTC-Alpha.
However, the good times were not to last and the coin soon nosedived first to $0.17 at a little after 01:00 to just $o.o6 by 03:00, Monday morning. This means that in the space of 4 hours, over $1.4bn of the coin’s value was completely wiped off.
The rapid rise and fall of U.Cash closely mirrors the trajectory of Ecoin, an obscure currency which rocketed 4,000% in value in the space of Tuesday afternoon trading at over $280 by 5 pm before plunging to $1.80 by 21:49, a price fall of 99%. Ecoin’s value then went back towards $62.84, representing a 2,215.22% surge in value over 24 hours to Friday morning.
U.Cash or Universal Cash is a retail currency which will allow investors to quickly exchange digital currency for fiat. U.Cash was founded by a serial blockchain developer Ageesen Sri, who according to his LinkedIn profile came up with U.CASH in May 2015. UCASH tokens can also be bought from the U.Cash website.
U.CASH has since moved back upwards since its Monday morning crash, presently it is trading at $0.16, an 895.32% increase in its value.
Since covering Ecoin’s secondary rise on Friday, the coin has seen a 78% decline in value from its peak of 82.05 on Friday late morning to $17.93 by Sunday 18:00, a little under $320m devaluation.
The reason behind U.Cash’s rise in value is as yet unknown. There is no suggestion that this is a “pump and dump” scheme.
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