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The industry of the crypt is no stranger to the vertiginous rise in prices at night and even at night shootings. However, some examples stand out and the last is Paragon Coin. The crypt has made incredible gains today, opening the new year with great pomp and color. Paragon earned an incredible 9.690% in just 24 hours to reach $ 10 today, compared to 10 cents yesterday. The ascent comes at a time when the entire market is experiencing slow movements, making it even more spectacular.
Paragon is a crypto and blockchain project that focuses exclusively on the cannabis industry. The project uses Paragon Coin to facilitate payments and for transfers of funds within the network. The company also operates a co-working space for companies in the cannabis sector, defined by many as "WeWork For Weed".
Incredible gain during the night
While the year was closing yesterday, the Paragon was trading at $ 0.105. The currency was not making major headlines and was flying under the radar for most investors. However, a few hours later, he made one of the most incredible and memorable price increases of all time in the decennial history of cryptography.
At $ 0.105, the currency quickly gained 1,500 percent to reach $ 1.68. This was already quite noteworthy given the very slow movements in the rest of the industry over the past three days. However, it was just heating up for its turn.
After a quick correction to return to $ 0.39, the currency then stepped on the gas pedal and skyrocketed to $ 10.28. From its modest value of $ 0.105 hours earlier, Paragon had gained 9.690%.
But the new price did not last long and soon gave way. Within two hours, the price had dropped and stood at $ 5.21, almost 50% less. A short attack saw the currency hit $ 8.32, then dropped to $ 0.44 three hours later.
And it was not done, he then fought to rise to $ 3.11 where he was at press time.
Interesting for Paragon, all the activity emanating from a market, the little known STEX cryptic exchange. STEX ranks at the 72nd place of CoinMarketCap with the daily trading volume. In the last 24 hours, the exchange has favored transactions for $ 4.4 million. Of this, $ 3.9 million were Paragon, which accounted for 88% of the entire commercial volume.
Courtship controversy
Of course, when a cryptocurrency is designed primarily for the cannabis industry, it is bound to attract titles from time to time. However, for Paragon, millet has passed and courted controversy on every possible occasion.
In November of this year, the US Securities and Exchange Commission issued an order to terminate and revoke the order to the company. This was in accordance with the Securities Act of 1933, according to which Paragon coins were determined as securities. The SEC ordered the company to issue application forms to its investors, informing them that they had the right to repay their investment if they so wished.
Paragon is not one who is shy of the controversy, however, and upsets the row with the SEC to adapt it to his narrative. Jessica VerSteeg, the CEO of Paragon, stated that the company had worked on the transaction and that, by mutual consent, the company would reimburse its investors. He described the settlement as a "A forward-looking pact that we anticipate will serve as a model for ICO compliance in the future."
Picture (s): Shutterstock.com
