Here Are Today’s ICO Losers: Cofound.it (CFI) and SunContract (SNC)

Bitcoin may be making fresh all-time highs in and around $10,000 but this doesn’t mean that every crypto asset is enjoying a similar run. A number of the less well-known tokens have taken a real hit over the last 24 hours and are struggling to combat negative sentiment.

Can these tokens turn around and recover near-term or is the action we are seeing symptomatic of a longer-term shift in perception from and by the markets that control price?

Let’s take a look.

The two companies and tokens that are suffering today and – as a result – have qualified for a place on this list are Cofound.it (CFI) and SunContract (SNC).

We will kick things off with CFI.

This one actually made one of our ICO movers lists yesterday but for very different reasons – the token had gained considerably during the early week and was one of the biggest movers that we highlighted as part of our positive coverage on the space on Monday.

Today, however, and specifically over the last 24 hours, things have turned around.

CFI currently trades for a close to 30% discount to its price this time yesterday and is one of the biggest losers of the day in the ICO market.

So what’s causing this action?

Well, right now, there is an ongoing event that is being conducted by Cofound.it and it’s a sort of incubator type event. Basically, the company has chosen a number of participant ICO’s and is seeking to fund these ICO’s by way of a sort of crowd sale type model, but one that is filtered through its own platform so as to (according to Cofound.it) ensure quality and interest on both sides of the equation.

It’s a noble cause and it is one that could prove rewarding for everybody involved but, right now, it’s early days, so it’s tough to say whether this sort of model will translate to crypto or not.

With that said, however, we think sentiment remains strong on this one. Sure, the token is down around 30% on the last day or so but this decline is likely more symptomatic of shorter-term profit-taking than it is of a longer-term reversal in sentiment.

As such, we expect CFI to turn around once more and returned to its overarching upside trend.

Moving on, SNC.

This one, as its name hints at, was set up to tackle the increasing problem of energy payments and – specifically – renewable energy payments in the solar sector. Basically, it’s an open energy market type platform. The platform employs blockchain technology to keep track of and monitor transactions in the energy market and, in doing so, is this hope designed to potentially reduce the amount people pay for their energy going forward.

It still in its early days, we just got word that the first real-world implementation of a home set up as paying for its entire energy demands in SNC is in place (in Slovenia) and this has served to validate the concept – a big step forward for the company behind SNC, SunContract.

Despite this, however, SNC tokens currently trade for a 26% discount to their price just 24 hours ago.

So why the decline?

Again, we think this action is very much symptomatic of profit-taking on the back of the recent positive news. When you expend the time frames to seven days and 30 days, SNC is up 66% and 124% respectively.

On the back of this, we can also say that we expect SNC to resume its longer-term uptrend near-term making it a potential discount buy at current prices.

We will be updating our subscribers as soon as we know more. For the latest updates on CFI and SNC, sign up below!