There is always some unusual market momentum within the cryptocurrency industry. Some currencies bleed value, whereas others lose value in the process. In the case of FREE Coin, a project no one knows anything of, it seems a genuine price pump is taking place. These massive gains catapulted an unknown altcoin into the market cap top 50 with ease, further showing how odd this industry can be.
FREE Coin Uptrend Raises Many Questions
The first and most obvious question that arises when this name comes to market is why something would be called “FREE Coin” first and foremost. That would indicate this is a currency issued like an airdrop or token distribution first and foremost, rather than an actual currency people should invest in. Even so, it is a project currently gaining tremendous value. It has been a while since a genuine pump-and-dump materialized in the cryptocurrency industry, after all.
Over the past 24 hours, there has been a net 220% increase in the FREE Coin USD value. This is followed by a 240% increase in Bitcoin value and a 250% increase in Ethereum value. All of those statistics are mightily impressive in their own regard, even though most people will gladly acknowledge this momentum cannot remain in place for very long.
After all, one first has to wonder what the purpose of FREE Coin is. According to its website, the full name is Freedom Coin, which aims to achieve three major objectives. It is the same story virtually every cryptocurrency since Bitcoin has echoed, albeit that doesn’t make it less powerful either. For now, there isn’t any real reason to use FREE Coin other than speculative purposes, as there is no use case to speak of.
Another worrisome aspect is how this altcoin has just $1,800 in 24-hour trading volume. That is pretty significant, although not for the right reasons whatsoever. Instead, it raises a lot of questions as to why there isn’t any interest in this currency. It is also another sign of how easy small-cap coins can be manipulated in this regard, as it seems one user is trading back-and-forth to inflate the price.
Considering how FREE Coin isn’t found on any of the major exchanges either, it is only normal this trading volume remains relatively low. Mercatox is the biggest exchange on the list right now, yet it hasn’t had any impressive trading volume to date. As such, it seems to be a matter of time until this FREE coin price pump comes to an end once again, albeit one never knows how the current bearish momentum will affect this particular trend.
For the time being, it remains to be seen if FREE coin can remain at this price level and within the market cap top 50. Considering how all major markets are bleeding value, it should be a matter of time until this particular market will feel very similar effects. It is uncommon to see such a trend materialize at this time, although it will give people something to talk about for the coming hours, until things return to normal once again.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.