MaidSafeCoin (MAID) has doubled since the start of December, now trading at an all-time high near 0.16 mBTC ($0.06).
The currency had been steadily rising since as far back as September, then worth 0.038 mBTC, making for a total gain of over 300%.
Total volume has been moderate over the past 24 hours, equalling approximately $75,000, the sixth-highest among crytpocurrencies in light weekend trade.
The coin trades on Poloniex and MasterXchange, the latter being the decentralized exchange engineered by Mastercoin. It had bottomed out during the summer following its initial rise to above 0.054 mBTC and its subsequent loss of over 40%.
CODI Finance Announces IDO Launchpad and NFT MarketplaceGo to article >>
The cause for the rally is unknown at this time and a large pull-back is likely within the coming weeks.
According to its website, MaidSafeCoin seeks to reward those contributing to its SAFE (Secure Access for Everyone) network which seeks to decentralize internet services.
Internet service providers and internet companies like Google and Facebook centrally store user data on their servers. The SAFE network uses a proof of resource (POR) to cryptographically validate “farmer” resources such as storage, CPU capacity and bandwidth which serve to distribute and store data securely on farmer machines.
MAID’s rally has propelled it to within the top five in market cap rank. It is now worth $28 million.
Non-Bitcoin derived digital currencies now occupy four of the top five and six of the top nine spots in market cap rank.