Here Are Today’s ICO Losers: vDice (VSLICE) and FunFair (FUN)

Having reached all-time highs yesterday evening, bitcoin subsequently started to correct and, by proxy, decline in price as shorter-term operators pulled profits off the table. While the more bullish side of the markets expect this correction to reverse near term, its impact has been felt in the wider cryptocurrency space to a pretty substantial degree. A number of the smaller tokens have taken a real hit on bitcoin’s overarching correction and are declining themselves.

We wanted to try and figure out whether those that were falling were doing so purely because of bitcoin’s decline or whether there are some more local reasons for their respective declines.

With this in mind, here is a look at two of the biggest losers of the last 24 hours in the ICO market with an attempt to figure out exactly what’s pushing them down.

The two tokens in our crosshairs right now are vDice (VSLICE) and FunFair (FUN).

First up, vDice.

Any readers that are familiar with the cryptocurrency space will likely already be aware of the bitcoin betting platform SatoshiDice. The platform, which was a game type platform designed to allow people to bet and receive reward in bitcoin, sold for more than 126,000 bitcoin back in 2013 – a number worth more than $1 billion right now, but which was valued at around $11 million back at the time of the sale.

Well, vDice is essentially exactly the same as SatoshiDice but it is set up as a decentralized application built on the Ethereum network, meaning it can function like SatoshiDice but without the requirement for any centralized operator.

vDice is the name of the platform, while VSLICE is the name of the token that the company issued as part of an ICO to fund development and prize money.

Interestingly with this one, anybody that holds VSLICE is also entitled to a portion of the profits that the platform makes and this drove a considerable amount of activity in the company’s initial ICO.

So how and why is this token down right now?

VSLICE tokens are down 22% over the last 24 hours and 53% over the last month. The company took a bit of a hit as some of its platform’s offerings went down earlier this month and there’s a good chance that this is what’s contributing to the recent weakness. Longer term, however, we expect sentiment to improve and for VSLICE to pick up – especially as it garners some major exchange listings.

Moving on, FunFair.

Interestingly, and perhaps not coincidentally, FunFair is also a blockchain based (and an Ethereum based, at that) casino type platform and it’s also down somewhere in the region of 22% over the last 24 hours.

The company has failed to update any of its social media channels to any real degree over the last couple of weeks and, in this space, that can translate to negative sentiment.

However, unlike vDice, when you look back over the last month, FunFair is actually up more than 20%. The token is also up more than 220% from its ICO price back in June.

This suggests that the action we are seeing could well be symptomatic of some shorter-term profit-taking on an overarching upside run and that – in turn – we could see a return to the upside momentum once the shorter-term positions are removed from the equation.

Again, don’t take this one for granted as a sure thing. Calculating how far these corrections will fall is far from an exact science and it’s important for anyone looking to pick up a discount reversal type exposure not to get in too early.

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