From October 8 to October 15, the CannabisCoin price rose 585%. Though it briefly declined, the CannabisCoin has continued to rise as the October Yes We CANN event has drawn closer. On October 17, the CannabisCoin price rose another 54%, resting at 15,560 satoshis at press time.
Other marijuana-themed altcoins did not fare so well on the 17th. The PotCoin price fell almost 12% to 902 satoshis. PotCoin now has the 45th-place market cap with a valuation of ~$545,000.
But Potcoin was not the only marijuana-themed coin to decline. MaryJaneCoin, which many investors consider the hot new altcoin on the block, also saw its price fall dramatically. After rising more than 2,000% in a single week, the MaryJaneCoin price crashed by 43% on the 17th. At press time, the MaryJaneCoin price was 2,285 satoshis and its market cap was ~$134,000. MaryJaneCoin places 93rd on the CoinMarketCap charts.
It seems pretty clear that marijuana-themed coin investors are shifting their investments to CannabisCoin to capitalize on the Yes We CANN price rise. However, investors should note that the CannabisCoin price will likely fall after the event–at least until the next one is announced. MaryJaneCoin offers an impressive array of features, but it cannot yet compete with CannabisCoin’s infrastructure and will likely continue to experience wild price volatility during its early days.
What do you think of the CannabisCoin price rise? Comment below!
Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
Images from Shutterstock.
Last modified: October 18, 2014 02:43 UTC