Cannabis Coin gets off its high after "Yes we CANN" event, loses 85%

Update Oct 28, 2014: Information on the ongoing premining saga added.

Whatever gets high, must come down. Such is the case with most Altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Read this Term undergoing astronomical multifold gains. But the drop doesn't usually happen so quickly.

Cannabis Coin had its share of glory when it rocketed by over 1000%, reaching a peak of 16,500 satoshi ($0.063) one week ago. The crypto-cannabis worlds were excited to learn that one Cannabis Coin would become redeemable for 1 gram of cannabis, starting at the “Yes We CANN” event at Phoenix’s Herbal Wellness Center.

With marijuana prices typically ranging from $8 to $20 per gram, the coin was still a bargain. Technically, it could have exploded another 100-fold- which may have been a new record for altcoins- and still worth its price.

But the coin has since lost its luster, shedding as much as 85% in just one week. It now trades at 2900 satoshi, off its 2500 satoshi lows from two days ago. Volume has dropped to the equivalent of only $17,600 in the past 24h.

After getting "as high as" 12th in market cap rank, worth over $5 million, CANN has now plummeted to 33rd, right behind Ethercoin and worth $652,000.

Destabilizing the coin's value has been uncertainty over the fate of millions of premined coins. Controversy continues if these coins are still accessible to a core developer or have been "burned". The developer's credibility has been challenged, and the situation has been complicated by a hard Fork Fork A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th Read this Term early on in the coin's life allowing it to undergo a change in hashing algorithm. Many of those concerned more with the project to support cannabis users, and less with its crypto elements, are disillusioned by "altcoin antics" not unseen before.

Some have also pointed out that a preroll, made with "leftovers", can be obtained for free at many dispensaries.