Monacoin Price Stabilizing After Mid-Year Pump

Monacoin–the so-called “Japanese Dogecoin”–took the altcoin markets by storm during July. As the Monacoin price increased, the coin shot up the market cap charts. Unfortunately, Monacoin fell prey to a pump and dump–a fate few altcoins have avoided. Now, five months later, it appears the Monacoin price is finally reaching a point of relative stability.

Monacoin Price Stabilizing

Monacoin launched on January 1, 2014, but it flew under the radar for the first half of the year. However, people began to take notice of Monacoin during mid-July, and the Monacoin price surged throughout the remainder of the month. From July 8 to August 1, the Monacoin price rose from 7,490 satoshis t0 119,726–an incredible 1,500% rise. But then the dump struck.

This 180-day Monacoin price chart from CoinMarketCap seems to indicate the Monacoin price is stabilizing after the massive July pump and dump.

Within two weeks, the Monacoin price fell to ~26,000 satoshis. The next month brought a brief recovery, but the Monacoin price has declined steadily since the beginning of September. But the decline slowed during October. In fact, the Monacoin price remained relatively stable during the past month. It appears the Monacoin price has finally found a bottom and is returning to a mean level. At press time, the Monacoin price was  14,163 satoshis.

Analysis

Now that the Monacoin price is reaching a stable level, investors should begin giving it cautious consideration. Of course, nothing is certain in the altcoin world. The Monacoin price could surge at any time; likewise, it could bottom out without warning. But that’s just the nature of altcoin investing.

What do you think about Monacoin? 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.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 MonaCoin, Hofstra University, and Shutterstock.

Last modified: March 4, 2021 4:40 PM

Josiah Wilmoth: Josiah is the former U.S. Editor at CCN.com, where he focused on financial markets. He lives in rural Virginia. Connect with him on LinkedIn or email him directly at josiah.wilmoth(at)ccn.com.