NANO (NANO) continues to be the fastest crypto in the world and has seen significant signs of recovery in the last several days. However, experts suspect that the new increase might only be a temporary thing that occurred due to a pump effort.
NANO so far
Without a doubt, 2018 has been one of the worst years for cryptos in a long while. A lot of coins have suffered great losses, but even by this year’s standards, NANO has had a really bad time. Its price dropped by almost 97% from its all-time high, which certainly did not do it any favors. However, the last couple of days have seen a surge of mostly positive development for this coin, and many believed that the fight is not over yet.
The story of NANO started a while ago, but the coin started attracting more attention at the end of 2017 when it exceeded $37. However, the steady progress was simply not meant to be, and as soon as the bear market started at the beginning of this year, NANO went down in one of the worst falls ever experienced. Within a few weeks, it dropped below $20. As the time went by, it continued dropping more an more, until its price went below $1. This is the situation that persisted all the way until the mid-August.
The fact that it was also at the center of a large hack that has seen the theft of $187 also did not help. Because of it, the exchange BitGrail, which was the target of the hack, accused the team behind NANO of failing to secure the coin. The NANO team responded by blaming the exchange for having poor security and being incompetent.
An unexpected price surge is just a concentrated pump effort?
However, the situation started to change recently, and NANO has seen a significant price surge, which brought it back from the dead, and it even managed to break the $2 barrier. The trading volumes jumped, and NANO even managed to hit $3.50 on Monday. The interesting thing is the fact that this price move is not related to the recent exploit of the NANO-specific marketplace, Nanex Exchange. The exchange was recently hacked through its wallet.
NANO also became the second most active trading pair on Binance, which has not happened ever since it was first added back in May. On Monday, when it reached its highest price in August, NANO took up over 8.8% of volumes, which came as a surprise to pretty much everyone.
In an attempt to determine what is causing the NANO surge, analysts discovered that it might all be just a result of a pump effort. This brought the attention to Telegram pump groups, which started offering early access to pumps. This is seen as a very risky move by many, since the customers may get the news too late, which will certainly cause them to experience losses if they jump on the opportunity at the wrong moment.
— Sudhi Norwood (@vufifemoziby) August 27, 2018
Despite the fact that NANO did not have a good run in 2018, its team still remains one of the most competent ones to this day. They are currently planning an update for NANO network, which is expected to help with improving traffic even more.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
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From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
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