Last week, adult entertainment magazine and website Playboy profiled Titcoin. Although the article took a somewhat negative stance toward Titcoin–explaining a number of ways in which Titcoin needs to improve if it hopes to succeed–the profile gave Titcoin legitimacy and separated it from other “sexcoins.” Following the Playboy spread, the Titcoin price rose twelve-fold.
Prior to the Playboy profile, the Titcoin price had remained fairly steady. From October 22-23, the Titcoin price was ~320 satoshis. On October 24, the Titcoin price rose to about 500 satoshis, where it hovered for the next few days. As more and more people read the Playboy article, the Titcoin price began to rise considerably.
The Titcoin price began October 27 at 440 satoshis. It nearly tripled the next day, passing the 1,100 satoshis mark and then continuing to increase to 2,098 satoshis as the day ended. On October 29, the Titcoin price briefly crashed to 921 satoshis, but then the price incline regained speed and exploded to 4,483 satoshis at press time. In sum, the Titcoin price experienced a 1,200% weekly rise.
Titcoin now has a market cap of $82,000, which places it 116th on the market cap charts.
Even though it presented several problems with the current Titcoin model, the Playboy article put Titcoin on the map. Titcoin has several projects in the works that could give the coin staying power–such as seeking to hire an adult entertainment star to serve as the coin’s spokesperson. Nevertheless, short-term investors should remain cautious. Massive price gains like this rarely last forever. At some point, early investors will begin to sell their coins to reap profits, which could trigger a larger sell-off.
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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 Titcoin and Shutterstock.