Reddcoin Price Continues to Fall

Journalist:
November 12, 2014
Reddcoin has dubbed itself the “social currency.”

Reddcoin–the self-declare “social currency“–was one of several altcoins to experience price spikes during June and July. The Reddcoin price rose so far that it even briefly challenged Dogecoin on the market cap charts. However, the Reddcoin price has fallen 70% since then. CCN examines this altcoin price decline.

Also Read: Reddcoin Announces Social Wallet and Proof of Stake Velocity

Reddcoin Price Continues The October Downward Trend

The Reddcoin price heated up in the middle of summer, peaking at 37 satoshis on July 27. However, it soon became apparent that the altcoin had succumbed to a pump and dump scheme. Within two weeks of reaching its peak, the Reddcoin price had fallen nearly 60%.

The Reddcoin price experienced two brief rallies–one in August and another in September. However, neither Reddcoin price proved permanent. The Reddcoin price continued to decline linearly in October, falling to 13 satoshis on the 31st.

During the former half of November, the Reddcoin price has continued the October trend, declining from 13 satoshis on November 1 to 11 satoshis at press time.

The Reddcoin price has trended down for the past several months. The current Reddcoin price is 11 satoshis. Chart from CoinGecko.

Reddcoin now has a total market cap of just over $1 million, which places it 26th on the cryptocurrency market cap charts.

Analysis

Despite its low market cap, CoinGecko ranks Reddcoin 9th in overall coin health with a 52% rating. This discrepancy sometimes indicates a coin is under-performing and could be poised for a price rally. However, Reddcoin has held a high CoinGecko ranking for several months, and it has not resulted in a positive price trend. Investors will have to decide for themselves whether or not to bet on the long-term success of Reddcoin.

What do you think of the Reddcoin price decline? 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 Reddcoin and Shutterstock.

Tags: Reddcoin
Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.