This weekend will prove to be rather interesting for all cryptocurrencies, tokens, and digital assets. An overwhelming bearish presence currently weighs heavily open the top markets, but it would seem some alternative offerings are on an opposite course. The Dentacoin price, for example, is rising in value at this time. A very dubious development, especially when considering how this token saw big theft due to the Cryptopia hack.
Dentacoin Price Surge Makes Little Sense
Whenever a smaller token market suddenly rises in value, a lot of questions remain unanswered. This is especially true for a project which, so far, hasn’t noted any real success despite its somewhat unique business model. Dentacoin holders will undoubtedly be pleased with these recent gains, although one has to wonder how legitimate the current value representation really is.
In the past 24 hours, the Dentacoin price increased by 8.8% in USD value. One DCN is currently valued at $0.000125, which is a somewhat fair value given its maximum supply of 8 trillion DCN. There is also a steady increase in DCN/BTC and DCN/ETH, with 8.1% and 8.6% gains respectively. All things point toward a bullish surge, even though that doesn’t make any sense at this time.
The big news this week is the Cryptopia exchange hack. It is believed the company lost millions of dollars in various ERC20 tokens and altcoins. Roughly $3m worth of Dentacoin is believed to have been stolen as well. As such, a market dump would be the most logical outcome for this token at the moment. Oddly enough, it seems as if people are actively buying DCN, resulting in just $26,000 worth of trading volume.
— Mehmet Ali Demirci (@malidemirci_gm) January 17, 2019
The social sentiment regarding Dentacoin isn’t necessarily all that positive either. Very few active discussions pertaining to this project are taking place right now. One of the more interesting tweets comes from planet eater, who genuinely wonders what “this shit is about”. A strong sentiment for sure, although one that shows Dentacoin isn’t necessarily raising enough awareness.
— planet eater (@exit___strategy) January 18, 2019
When looking at all of the markets on CoinMarketCap, it quickly becomes evident Dentacoin is the only one noting any real gains right now. While some of those improvements have already been negated in quick succession, the overall uptrend is seemingly still in place. How long this situation will remain, is a different matter altogether. One big token dump can send the market in the red quite easily.
Out of the top 💯 #CryptoCurrencies, most gainer in the last 24h was… 🥁
💲 Current Price : $0.000127987
🚀 Increased by : 12.70%
💵 Market Cap : $41.8 million
💱 Trading Volume: $27.2 k
Check it out 👇https://t.co/UQg1ZYeCf2
— Crypto Gulp (@CryptoGulp) January 18, 2019
With this weak trading volume, it seems nearly impossible for the Dentacoin price to continue down this path. Especially following the recent Cryptopia incident, there is zero reason for anyone to try and buy into this token until the situation has been rectified. The token also sees HitBTC emerge as its primary trading platform right now. Why they have not halted DCN trading following the Cryptopia incident, is another question which goes unanswered.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.