Here Are Today’s ICO Movers: Cofoundit (CFI) and NXT (NXT)

Bitcoin is heading towards the $10,000 mark and this has translated to a considerable amount of speculative volume flowing into the ICO space. Here’s a look at two of the biggest movers over the last twenty-four hours with a discussion of what’s driving the action and what comes next for each.

The two tokens we are focusing on today are Cofoundit (CFI) and NXT (NXT).

First up, then, Cofoundit.

This one is a pretty interesting one. The company (named Cofoundit, like the token) was set up as a sort of venture capital (VC) funded startup incubator, offering companies that have raised money through an ICO model support, mentoring, that sort of thing. Basically, the idea is to help these companies transition from a tech-focused startup to a company that’s adept in all of the various facets required for success – marketing, finance, etc.

Anyway, the initial token sale happened back in June and the company raised around $30 million based on a token price of $0.12 a piece. Fast forward to today and the tokens go for a little over $0.17 a piece – a circa 42% gain.

Narrow the timeframes a little, however, and things get pretty exciting. CFI is up 65% on its price this time yesterday and just shy of 100% on its month-ago pricing.

So what’s driving the action?

Well, the company is about to kick off what it calls the Coufound.it Playoffs – a sort of business kick start event that’s going to see a number of companies pick up seed capital and essentially compete for support. It’s a neat event and it’s one that – based on its unique positioning – is attracting a substantial amount of attention right now.

People who want to participate need to pick up CFI tokens and then these can be used to fund the companies (teams) that are participating in the event.

What comes next?

We think this one’s got a pretty bright couple of weeks ahead of it. The Playoffs event is going to attract some media attention and this – as we’ve said a couple of times in the past – is nearly always enough to get this moving from a price perspective. Time will tell whether the model works longer-term but – right now – it looks like a nice short-term token play.

Moving on, NXT.

Many reading will likely already be familiar with NXT. This is a something of an old-timer in this space, having in9itially been rolled out way back in 2013 as a sort of alternative cryptocurrency to the then-nascent bitcoin.

Since then, NXT has failed to live up to its initial billing as Cryptocurrency 2.0 but, having said that, remains pretty widely used and is one of the market’s favorites as a speculative asset.

So why is it on this list?

Because over the last twenty-four hours we’ve seen NXT’s price soar to $0.21 a piece – up 42% over the period. Expand this timeframe from one day to 30 and the gains rise fro 42% to 254%.

What’s driving the action?

The company behind NXT is hosting an event to celebrate the four-year anniversary of the token at which it intends to serve up some insight into how things have matured during the period and – probably more importantly from our perspective – what’s going to come next from NXT.

There’s also the launch of a Child chain called Ignis, which will bring with it an airdrop of tokens to NXT holders just before the end of this year. This, in line with the anniversary, is drawing some speculative volume to the token and chances are we’ll so a continuation of this speculative inflow, at least until the airdrop takes place.

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