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.com examines this altcoin price decline.
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.
Reddcoin now has a total market cap of just over $1 million, which places it 26th on the cryptocurrency market cap charts.
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!
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 Reddcoin and Shutterstock.