As prices for most altcoins are reeling in the shadow of Bitcoin’s calamities, there have been the odd few going against the current and even posting impressive gains.
It would be unfair not to take note of the fan favorite Dogecoin- the only alt in the top 19 to gain in value. It is currently trading at 1.69 µBTC (0.11¢) on Cryptsy.
Most noticeable though is Unobtanium (UNO), which is up by 400% in a span of 3 days. It is currently trading at 20 mBTC ($13.40) on Cryptsy. Its price jump has catapulted it higher into 23rd place in market cap, which currently sits at around $2.1M. It has leapfrogged Mooncoin and is only two spots behind the better-known Zetacoin which has struggled of late.
UNO is starting to challenge its all-time highs of 22-26 mBTC set in December. Following those highs, UNO quickly retreated down to the 4-5 mBTC range, under which it experienced relatively quiet trading until the recent spike.
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There is speculation of UNO hoarding by single participants, leaving UNO in short supply and driving up the price. The rapid and sudden spike indicates that it will also be short lived. UNO will likely give back the majority of its gains over the coming days, if not all of them. Its advance has not been built upon consistent and repeatable steps as observed with other altcoins which continue to thrive.
Indeed, participants online are calling this a pump and calling for a decline, with many seeking ways of shorting the coin.
UNO happens to be one of the few altcoins with a relatively large denomination and short supply- only 149,000 exist and only 250,000 total are set for generation. There are to be no inflationary additions.
While even micro amounts of UNO can be traded, just as can be typically done for most crytpocurencies, it is entirely possible for speculative traders to overlook this possibility and still buy up the coin in “regular quantities”, thereby creating an artificial squeeze on the market.
Unobtanium is themed after the fictional/colloquial version a chemical element meant to connote extreme rarity, high value and difficulty to mine.