MaryJaneCoin hopes to usurp other pot-themed coins–such as CannabisCoin and Potcoin–by introducing an aesthetically-pleasing design, offering anonymous transactions, and introducing services designed to reduce the learning curve for ordinary users.
Investors seem bullish on MaryJaneCoin’s potential. The coin’s BitcoinTalk thread exceeded 50 pages in less than a month, and the coin’s proponents have a strong social media presence. Most notably, the MaryJanecoin price has surged over the past week.
On October 9, the MaryJaneCoin price was 170 satoshis. By October 14, the MaryJanecoin price had quadrupled in value, approaching 700 satoshis early in the day. But the MaryJaneCoin price rise was only just getting started.
Within 24 hours, the MaryJaneCoin price had quadrupled again, exceeding 2,800 satoshis. Before the day was over, the price reached 3,700 satoshis. On October 16, the MaryJaneCoin price declined a bit. At press time, the MaryJaneCoin price was 3,581 satoshis–a weekly rise of more than 2,100%.
MaryJaneCoin currently holds the 75th-highest cryptocurrency market cap with a total valuation of ~$236,000.
When a coin rises as quickly as MJC has, it is easy to get caught up in the hype. However, massive price rises almost always precede rapid dumps and widespread FUD (fear, uncertainty, and doubt). Every altcoin community believes their coin is different, which results in novice investors losing large amounts of money. MJC could prove successful over the long-term, but investors need to remain highly cautious during its early days. If marijuana-themed altcoins are your niche, CannabisCoin still seems like the “sweetest” investment route.
What do you think of the MaryJaneCoin price rise? Do you think it is sustainable?
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.
Image from MaryJaneCoin BitcoinTalk thread; other images from Shutterstock.
Last modified: October 17, 2014 06:14 UTC