Little-Known Cryptocurrency Surges 80% While Bitcoin Flounders

 
By CCN: Monacoin bills itself as Japan’s first cryptocurrency, and it’s gained significantly during the recent bull market activity. The cat meme cryptocurrency surged more than 80% in just 24 hours, leaving it with a per-token value of more than $2. Previously, Monacoin’s price was closer to $1.

The rally came even as the Bitcoin price struggled to regain momentum after a sizable sell-off.

Japanese Crypto Traders Drive Demand for Monacoin

One bit of news driving the pump is the announcement that Mona will be trading on Japan’s Coincheck exchange. Mona is not available on major exchanges like Coinbase or Binance. The majority of its 24-hour volume took place on Bitbank in the yen market.

Over $140 million is reported as having changed hands in that market alone. Mona trades on just one “major” exchange – Bittrex, whose MONA/BTC market showed more than $6 million over the 24 hours.

A couple of months ago, a boy was arrested for stealing millions of yen worth of the crypto token.

If Japanese investors continue to drive interest in Mona, more significant exchanges may want to get in on the action, especially Binance, which has risen to prominence through having a massive variety of tokens and cryptocurrencies.

monacoin cryptocurrency price

The Monacoin cryptocurrency rocketed more than 80%, driven by JPY traders. | Chart from Coinmarketcap.com

Monacoin previously pumped in April by around 40%. In some respects, you can view it as a Japanese Litecoin. Functionally, it’s very similar to Bitcoin, with a mining network and proof-of-work security. It’s a bit faster than Bitcoin, by design, as many cryptos are.

As of the time of writing, Monacoin traded at $2.11 for a 24-hour gain of 89%, launching its market cap to $139 million.

Monacoin – Japan’s Litecoin?

If one day of trading can bring it over $2, it may have a future. If increased adoption in Japanese markets and interest from those traders pushes it higher, it’ll find its way onto more crypto exchanges. The more exchanges it trades on, the better its price will have a chance to pump, as regular Monacoin traders take their time to adapt to the new world.

While it’s not unusual to see a pump of this size in a single little-known and illiquid cryptocurrency, the bull run will only intensify this trend. If people believe they can get some utility in a given altcoin, they’re likely enough to start using it as well as Bitcoin when they get started.

Litecoin

Like Dogecoin, Monacoin is based on a meme. However, might Japanese crypto traders view it more like Litecoin? | Source: Shutterstock

Chains like Bitcoin Cash, Litecoin, Monacoin, and others have the perception of being cheaper and, therefore, less risky. They also have the advantage of ample space and speed at confirmations. These issues will become increasingly important as interest builds in Bitcoin and other cryptocurrencies: Will those blockchains be able to withstand a massive influx of people?

It’s one of the only questions that matter. A mass adoption event has yet to take place, but it’s certainly far from impossible. When we see this much money pour into an ordinarily-quiet market, we have to wonder at what stage of the run we’re truly in.

Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 58,697.00
ethereum
Ethereum (ETH) $ 3,964.09
binance-coin
Binance Coin (BNB) $ 452.34
tether
Tether (USDT) $ 0.998197
cardano
Cardano (ADA) $ 1.94
solana
Solana (SOL) $ 187.97
xrp
XRP (XRP) $ 1.01
polkadot
Polkadot (DOT) $ 40.58
shiba-inu
Shiba Inu (SHIB) $ 0.000073
dogecoin
Dogecoin (DOGE) $ 0.24461
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 58,697.00
ethereumEthereum (ETH)
$ 3,964.09
tetherTether (USDT)
$ 0.998197
bitcoin-cashBitcoin Cash (BCH)
$ 556.98
litecoinLitecoin (LTC)
$ 182.56
bitcoinBitcoin (BTC)
50.356,45
ethereumEthereum (ETH)
3.400,81
tetherTether (USDT)
0,856358
bitcoin-cashBitcoin Cash (BCH)
477,84
litecoinLitecoin (LTC)
156,62
bitcoinBitcoin (BTC)
42,577.34
ethereumEthereum (ETH)
2,875.45
tetherTether (USDT)
0.724067
bitcoin-cashBitcoin Cash (BCH)
404.02
litecoinLitecoin (LTC)
132.42

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin58,548 0.89 % 6.06 % 9.25 %
Ethereum3,969.4 0.89 % 6.21 % 2.18 %
Binance Coin449.53 1.65 % 7.59 % 7.99 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano1.920 2.45 % 11.53 % 9.28 %
Solana186.90 1.99 % 10.03 % 19.51 %
XRP0.9959 2.28 % 11.00 % 9.00 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Shiba Inu0.00007971 14.38 % 61.87 % 183.19 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 58,697.00
ethereum
Ethereum (ETH) $ 3,964.09
binance-coin
Binance Coin (BNB) $ 452.34
tether
Tether (USDT) $ 0.998197
cardano
Cardano (ADA) $ 1.94
solana
Solana (SOL) $ 187.97
xrp
XRP (XRP) $ 1.01
polkadot
Polkadot (DOT) $ 40.58
shiba-inu
Shiba Inu (SHIB) $ 0.000073
dogecoin
Dogecoin (DOGE) $ 0.24461