Auroracoin Crashing, Loses Close to 80% of Value in 24 Hours

After taking a brief pause from its sharp sell-off and moving sideways for much of last week, Auroracoin has resumed

After taking a brief pause from its sharp sell-off and moving sideways for much of last week, Auroracoin has resumed its decline at a feverish pace, losing close to 80% of its value in 24 hours.

Auroracoin March 17

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The majority of users on its reddit are expressing a negative sentiment, saying it will likely fall further. Others are trying to find a silver lining, hoping that once the “Airdrop” hits on March 25, people will become interested in using the coins in their possession, and thus a corresponding increase in value.

The coin has now lost over 95% of its value since peaking at market cap of over $1 billion two weeks ago. One can say it’s starting to resemble the very Krona it’s coming to replace, which lost 99% over several decades. It is now trading at about $4 for a market cap of $42 million, placing it behind Litecoin, Peercoin, Dogecoin and now- Spaincoin?

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In what would appear to be an Auroracoin-inspired creation for a “national cryptocurrency”, Spaincoin claims it “is the perfect cryptocurrency for the Spanish people to break free from their shackles.” The first 50% are to be pre-mined and “distributed among Spanish citizens” who “prove their identity with their national ID chip-card so that they can start using their cryptocurrency for their purchases and financial freedom.”

Both of these countries’ economies have struggled during the past decade and have contemplated various degrees of austerity measures to rein in public debt. Iceland’s banking sector collapsed in 2008 as the financial crisis raged in other parts of the world.

Spaincoin (SPA) also experienced a bit of pop once initiated on coinmarketcap.com, but has since lost much of its gains. One SPA is worth about $1.80, making for a market cap of roughly $47 million.

The cryptocurrency is Scrypt-based. There is to be a maximum circulation of 50 million.

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