CannabisCoin Price Gets Higher as other Potcoins Burn Out

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yeswecannCannabisCoin’s upcoming “Yes We CANN” event has caused the CannabisCoin price to surge–perhaps even higher than the customers who will use CannabisCoins to buy legalized marijuana at the October 20 and future Yes We CANN events. However, the recent CannabisCoin price increase has caused other marijuana-themed altcoin prices to falter.

Also Read: CannabisCoin Price Gets High on Eve of Yes We CANN Event

CannabisCoin Price Gets Higher

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.

CannabisCoin price October 17
The CannabisCoin price rose more than 50% on October 17. Charts from CoinMarketCap.

PotCoin Price and MaryJaneCoin Price Falter

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.

Potcoin price October 17
The Potcoin price fell almost 12% on October 17.

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.

MaryJaneCoin price October 17
The MaryJaneCoin price fell 43% on October 17. MaryJaneCoin’s demise was predictable, as it had risen too fast in recent days to avoid a cooling off period.

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Analysis

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!

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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.

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Josiah is a full-time journalist at CCN. A former ancient and medieval literature teacher, he has been reporting on cryptocurrency since 2014. He lives in rural North Carolina with his wife and children. Follow him on Twitter @Y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.