Gravity may now be catching up with one of 2014’s (and soon perhaps 2015’s) most controversial altcoins. Depending on who you ask, GAW’s Paycoin (XPY) is either the greatest creation ever or one of cryptocurrency’s most brazen scams.
At one point of trade during the past 48 hours, Paycoin plummeted by as much as 50% from 0.047 BTC ($14.50) to 0.023 BTC ($7.00). After a bit of a bounce, it is now hovering near 0.026 BTC ($8.00). CEO Josh Garza has indicated that the coin will be worth at least $20, and followers have been warned on several occasions to get the coin while still “cheap”.
Volumes are also lower than earlier in the week when the coin traded for well above $10. They have since slipped below the equivalent of $1 million during the past 24 hours. Often in crypto trading higher volumes accompany a coin’s spike, but they are noticeably lower when it comes back to earth, particularly during a protracted decline.
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At its bottom, Paycoin had actually slipped back below Litecoin in market cap rank after officially enjoying the prestige of third place. It has since regained its position, ahead by about $5 million. Auroracoin, which also experienced a rapid rise and fall early last year, also at one point surpassed Litecoin and even had a market cap as high as $1 billion.
In the last post we discussed how the coin was traded on multiple venues. Interestingly, on Cryptsy, its highest volume exchange, it is one of the few coins available for trade against USD.
The question will now be how GAW will interact with the markets. We were curious about Coin-Swap, a previously unheard of exchange which appears to be dedicated to Paycoin trading. We considered the prospect of a GAW-controlled exchange and how this can affect XPY prices in the broader markets. According to a recent Cryptocoins News (CCN) article, Garza recently acquired Coin-Swap.
The article focused on CCN’s interview with Garza, during which he mentioned, “Tonight (Dec. 30) you will see the first merchant integration with Amazon search and shopping within PayBase. You will be able to purchase directly from within the platform.” Perhaps the market has not yet digested news of the revolutionary launch.