Lisk Takes a Hit After Rebranding Delay

The LISK token briefly fell to a low of $7.

Lisk has taken a recent hit in token valuation, falling more from approximately $10.60 to nearly $8.20, but rebounding off its lowest point at around $7, hit earlier. The drop has been blamed on Lisk’s recent announcement at a Berlin meetup that the company is pushing back its rebranding date until February 20, 2018.

According to CryptoVest, Lisk holders began dumping their tokens en masse onto the Bittrex exchange. Holders on other exchanges followed suit. The rebranding was the image boost that many Lisk investors had been waiting for as a boost to Lisk’s token value.

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The massive sell-off comes as a sign that some Lisk investors have given up hope in the future of the coin and its network. “Enjoy the endless ‘soons’ that every other failed coin has given us,” wrote one Reddit user in the /r/Lisk community.

Are There Whales Swimming in the Lisk Sea?

Rumours that Lisk has become centralized, and has been subject to price manipulations by major holders, certainly have not been helping the coin’s image. Before the drop, Reddit user ChrisTroy posted a warning that “someone” with a lot of money, LSK tokens, and access to trading bots had been manipulating the market since Monday. “Your classic whale,” ChrisTroy remarked.

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Other members of the Lisk Reddit community criticised the company for what they perceived as an underwhelming and unprofessional presentation at the Berlin meetup, which was live streamed. Some said that the whole event was “over-hyped”; one Reddit user’s post gave the company some terse advice: “rent a real auditorium when you’re making an announcement.”

Some Holders Remain Optimistic

While the recent announcement certainly did not bode very well for the company, the Lisk platform does show some ideological promise to increase the scalability and accessibility of blockchain technology. Those who still believe in the future of Lisk have regarded the drop in value optimistically, seeing it as an opportunity to buy up more tokens.

The future of Lisk is unknown, but one thing is for sure – come February of next year, the world will be watching.

 

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