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Is The Monaco (MCO) Correction An Opportunity To Pick Up Some Cheap Tokens?

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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.

Monaco Chart

Monaco Chart

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.

 

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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