FuelCoin is an altcoin with an ambitious mission–to educate the mainstream public about cryptocurrency–and an idealistic motto–“fuel your dreams.” Recently, the FuelCoin price has been increasing at a rapid pace. However, investors should be wary of this altcoin price rise.
Also Read: Pump and Dump: Know the Signs when Trading Altcoins
Since its release in August, the FuelCoin price remained stable at ~400 satoshis, which gave the altcoin a relatively low market cap of ~$80,000. However, recently the FuelCoin price has stepped on the gas–causing the coin to rev its engines and rise in the market cap rankings.
In mid-October, the FuelCoin price began to increase. By October 25, the FuelCoin price had doubled to more than 800 satoshis. Within the next week, the FuelCoin price had more than doubled again, hitting the 2,000 satoshi mark on November 1.
But the FuelCoin price rise was not finished. On November 5, the FuelCoin price reached 2,600 satoshis. The next day, it rose to ~4,000. The FuelCoin price continued to increase over the next three days, settling at 5,398 satoshis at press time. FuelCoin now has a market cap of ~$1.5 million, placing it 20th on the market cap charts.
Rapid altcoin price rises such as this captivate investors and cause them to see dollar signs–or in this case satoshis signs. However, these price rises also cloud many investors’ judgment, causing them to make illogical investing decisions. The present FuelCoin price wave seems like another altcoin pump and dump. Investors should proceed with caution and avoid letting greed impair their judgment.
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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.com. Neither the author nor CCN.com is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
Images from FuelCoin and Shutterstock.