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Free Coin (FREE) is an ERC-20 token launched during the second quarter of 2018 and for the most part languid in the lower depths of the market rankings.
However, a stock market listing of the Mercatox in October saw the coin's fortunes start to roll over, and eventually led to a surge of 950% that began on Sunday and peaked around 5:00 on Tuesday. .
What is the free currency?
The announcement of the Bitcointalk forum for the token begins with a courageous bet. He claims:
"…the FREE Coin it is an encrypted currency that starts with no monetary value and with a high reserve. With 1400 free coins available per person on earth, it is the only currency with sufficient supplies to be adopted around the world as a store of value and exchange of value ".
The "free" aspect of free money refers to its very low initial price of 0.0000000001 ETH. With only 1% and 5% of the world using cryptocurrency according to the announcement, Free Coin lends itself to being used as an access drug to introduce the average Joe or Jane in the world of cryptography:
"We need to invite the other 95% to prove the potential of cryptocurrencies, so we offer a (almost) FREE currency, so that everyone can play with this currency without financial risks: create and restore portfolios, send to other portfolios, verify how exchanges work … "
High supply
Coin has launched a question of months ago, but is already knocking on the threshold of the first hundred by market capitalization. Its current position in the 20s is undoubtedly aided by the crazy offer of FREE.
FREE has a total limited supply of exactly 10 trillion, with around 2.7 trillion of those currently in circulation. Coins and tokens like Dentacoin (DCN) and Dogecoin (DOGE) have a reputation for incredibly high supplies, but their respective 325 billion and 116 billion pale compared to Free Coin.
When discussing the question of whether FREE has a chance to increase in value, the Free Coin team wrote:
"This is inevitable, initially distributed free of charge, but as more people start using it, the laws of supply and demand will increase the price.The price of a currency is based on the trust of people in a currency. people use it effectively, trust will increase over time ".
FREE / USD 950% Spike
In the two days prior to November 6, Free Coin made an incredible run, from a symbolic price of $ 0.000002 to Tuesday's peak of $ 0.000021 before starting.
This is a 950% increase between Sunday and Tuesday, and is even more notable for the fact that it came out of a mere daily trading volume of $ 1,200. The highest volume of FREE traded in a single day was $ 40,000 in mid-October, shortly after the Mercatox listing.
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.
