Home » Boinc , Cryptocurrency , Curecoin , Digital Currency , Einsteinium , Folding@Home , Foldingcoin , Gridcoin , Philanthropy , Poloniex , Science » Science-focused Digital Currencies Gridcoin, CureCoin, FoldingCoin and Einsteinium See Massive Rallies, Questions Raised by Crypto Community
Science-focused Digital Currencies Gridcoin, CureCoin, FoldingCoin and Einsteinium See Massive Rallies, Questions Raised by Crypto Community
Several science-oriented digital currencies experienced massive price surges over the last 24h on Poloniex, one of the most popular exchanges in the digital currency space.
FoldingCoin (FLDC) and CureCoin (CURE), two virtual currencies that are minted by miners performing protein folding simulations for Stanford’s Folding@home project, were up over 700% and 300% at their peak yesterday, respectively. Additionally, the ramp up in price was on very heavy volume.
FLDC was driven to an all-time high of 820 Satoshi (0.00000820) and CURE hit a high of 0.00046 on record-breaking volume.
At press time, data from CoinMarketCap shows FoldingCoin’s 24h volume currently stands at $2,970,540, while CureCoin volume comes in at $754,570. Staggering figures when compared to the average daily volume on these two assets, which usually hovers around 5-10 BTC on a good day!
Similar spikes in volume and price were also observed yesterday in Gridcoin (GRC), a digital currency minable via Boinc crunching, and Einsteinium (EMC2), a philanthropic coin that focuses primarily on the funding of scientific research.
The Gridcoin digital currency hit a high of 3898 Satoshi (0.00003898) yesterday on a volume of 776.51 BTC, according to data from Poloniex, while CoinMarketCap shows 24h volume at 1,186 BTC ($736,760). This volume figure is an all-time high for Gridcoin, eclipsing the big surge of 482.45 BTC on March 20, 2016, when a Gridcoin infographic hit the front page of Reddit, causing the price of the digital currency to spike to an all-time high of 9299 Satoshi (0.00009299 per Bitcoin):
While Einsteinium’s jump was notable with a 24h volume at 333.36 BTC ($206,925), it was nowhere near GRC, CURE and FLDC. And yesterday’s action pales in comparison to the run up on July 5, 2016, when EMC2 hit a high of 770 Satoshi (0.00000770) on a volume of 1188 BTC.
The community responds:
The savage price action on the science-friendly coins has left many traders in absolute bewilderment. With no apparent breaking news or major technical developments, some have begun to question the reasons for the unexpected run up in price.
Several members on Bitcointalk, the largest forum for digital currencies, have suggested that Poloniex is behind these events in order to bring a greater awareness to some alternative digital currencies and thus profit from trading fees, “That's the world of cryptocurrencies - a crazy little ship floating on an ocean of fiat. By the way, traders are having the time of their lives,” writes one member.
Youtuber CryptoMarket attributed the interest in these types of digital currencies to "buyers who just want to get in because they're into science, and they're sort of new to cryptocurrencies, and they just think it's awesome."
Others have proposed that alternative cryptocurrencies get increased attention from deep-pocketed speculators, who are looking to make a quick buck when Bitcoin gets into overbought territory and new trading opportunities are sought.