At the start of this week, Monaco (MCO) went for a little over six dollars apiece. By midmorning on Tuesday, this had risen to $18 – a 200% increase in a little over 24 hours. At time of writing, shortly before markets open for business in the US on Tuesday, MCO tokens trade for $12 apiece, down around one third on early-morning highs.
This is some pretty volatile action and exactly how things are going to mature as we move into the primary US session is unclear. However, if the initial run was driven by a reasonable operational development, then the correction we are seeing right now might just be exactly that – a short-term correction ahead of a longer-term return to the overarching upside trend.
By proxy, if this is true, there might be some value in picking up some MCO ahead of said return.
With this noted, then, let’s try figure out whether this is the case.
For those new to this one, Monaco is a sort of payment processing application of blockchain technology built on the Ethereum platform. It’s designed as a way for users to transact using a debit card in local currencies and, by proxy, using local interbank exchange rates. The ability to use interbank exchange rates as opposed to retail rates means that the users can save substantially on purchases that they might otherwise be making with nondomestic type cards.
The company employs a Visa credit card and – through the credit card and its companion mobile application – users can buy, exchange, and spend fiat and cryptocurrencies, such as bitcoin and Ethereum, at perfect interbank exchange rates. When you’re spending $500, this can lead to a saving of somewhere in the region of $30 or $40, so we are not talking insubstantial amounts here, and it’s this degree of savings that has spurred growth to date.
Back in June 2016, Monaco conducted an initial coin offering (ICO) and raised more than $26 million – at the time, one of the most successful ICO’s ever and still up there today, even with the huge wave of ICO activity we have seen throughout 2017.
Since then, the company has on-boarded tens of thousands of users and is now headquartered in Switzerland with offices in Hong Kong and Singapore. In other words, it’s executing on its business plan to a pretty strong degree and – given the very real demand for a product like the Monaco card – we expect it will continue to do just that.
But none of this explains why we’re looking at this company today and – in turn – doesn’t really go too far towards answering the above-outlined question of, is there an opportunity here?
To answer this one, we’ve got to jump right into the current moment and highlight exactly why this coin is running right now – it’s just picked up a listing status on five fresh exchanges, as of today, December 5. These exchanges are BigONE, Exchange X, Huobi Pro, OKEx and UPBit.
Combined, these exchanges have a total reach of around 5 million cryptocurrency users and, as a result, the listing dramatically increases the available liquidity for the company’s underlying token, the MCO.
Increased liquidity should translate to an increased volume which, in turn, should help to push the token higher near term. This allows us to say with a relative degree of certainty, then, that the current action we are seeing in this one is very much representative of a near-term correction and that, in turn, we should see MCO turn around as the US session gets underway on Tuesday.
So that’s a short-term trade on an exposure to the correction and a long-term position as the company continues to execute on its game plan.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
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