The power of celebrity endorsement was on full display on Wednesday, when John McAfee's new tattoo triggered a sudden change in the fate of a particular cryptocurrency.
That coin was Skycoin (SKY), and when McAfee revealed the tattoo to its 800,000 followers on Twitter, the price of coins suddenly increased by 12% in a few minutes.
McAfee receives Skycoin ink
Even for a man who is often accused of committing crimes against cryptographic projects, turning into a walking billboard may seem a little too much. However, according to McAfee, its commitment to Skycoin is child's play. He said:
"Today I have a Skycoin tattoo, and my technicians will stitch together a two-minute video that should capture the essence of the experience, for now, this short clip should summarize: why Skycoin? a fucking wardrobe. "
Considering Skycoin's market capitalization of $ 29 million, and ranking among the low 160 of the market capitalization rankings, living in a closet may not be the only reason you have not heard of Skycoin .
The project includes an entire cryptography and blockchain ecosystem and comes with its own unique consent algorithm, its own specialized node hosting (Skyminer) and (perhaps a sign of McAfee's influence) its own hardware portfolio. According to the Skycoin landing page:
"The Skycoin platform is the most advanced blockchain platform in the world, developed by the first contributors of both Bitcoin and Ethereum, the Skycoin platform is completely secure, infinitely scalable and independent ISP supported by bandwidth, storage and from the power of computing, Skycoin is built to satisfy the original vision of Satoshi. "
While this may seem like a harmless story from the weird and wonderful world of crypto-twitter, it should be noted that McAfee has a history of payments to promote coins. For all those who know at this point, the Skycoin tattoo could be purchased and paid for.
Skycoin price responds
Skycoin started pumping moments after McAfee's video was tweeted, and within just over an hour, SKY's trading volumes doubled from $ 600,000 to $ 1.2 million.
At the same time the price of coins rose from $ 2.72, up to $ 3.05 registered on Binance around 20:00 UTC. This is a peak of 12% in just over an hour, and given the rapidity of the coin's climb, this article could be overcome when it hits the publication.
Binance has processed more than 80% of the SKY trades on Wednesday, with 75% coming from the SKY / BTC pair only. In addition to a handful of small token exchanges, Binance is the only exchange of notes that manages the SKY operations.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.