Bitcoin
PACcoin (PAC) Is Rocketing: Here’s What’s Next
PACcoin (PAC) has had an incredible start to the year in 2018. The coin was trading at just $0.000004 a piece on December 26, 2017. At its most recent close, this had risen to $0.00027. We are still talking way below one penny, but with a more than 6000% increase in a matter of weeks, this is very much want to watch at the moment.
PAC Daily Chart
The community behind it (and this one is very much community driven) is buzzing about the run (understandably so, they’ve seen their holdings soar by thousands of percentage points practically overnight) and there’s plenty to suggest that this could be just the start of a long-term reevaluation for the coin in question.
The question is, are these suggestions valid, or is this run just a temporary spike in an otherwise relatively low volume coin?
Let’s take a look.
By way of brief introduction, this one has a bit of an unusual past.
The coin was first started back in 2013 by William Corliss as the Pacifica Nation’s official coin. After a while, however, the project went dead and the coin essentially was left in limbo.
Around four years after it was launched (so, in 2017) a team picked it up and started putting some effort into a rebranding. The team behind the rebranding labeled it PacCoin, with the PAC standing for People’s Alternative Choice.
As outlined in the company’s brand guideline (available here), the team behind the coin now is one comprising marketers, developers and crypto enthusiasts and the tea is focused on its so-called four ‘C’s:
- Community
- Choice
- Content
- Charity
With a mission statement of building a strong community that is able to provide charitable solutions via content, media & alternative choices.
So, that’s the scoop on what this one’s all about – let’s get back to the nitty-gritty, can the coin continue to appreciate?
As per company communication, the community behind this one right now is in excess of 100,000, meaning that more than 100,000 individuals hold PAC at this moment (we’re assuming the team has measured this by way of a wallet count).
That’s not bad for a coin that carried a market capitalization of just $3 million this time last month.
And as far as we’re concerned, it’s all about how much this community can push beyond its current scope. The model that PAC seems to be employing is one that rewards community expansion, with an affiliate type model that rewards affiliates for bringing new users on board with PAC.
That’s a model that – as yet – is relatively untested in this space but that far from negates its potential efficacy. If you want growth, incentivize it.
And it’s based on this that we’re maintaining a bullish bias on PAC heading into early to mid-2018. The coin is picking up some momentum on the back of the recent run and we expect the increased attention that comes with the sort of activity we’ve seen over the last week or so to push the coin higher near term.
There’s always a chance, of course, and it’s one that anyone looking to pick up an exposure at current prices should consider, that we might see some degree of near-term correction on recent highs (indeed, we already have seen something of a correction, with PAC currently trading around 40% off Saturday highs at open market pricing early morning on Wednesday).
This is symptomatic of the shorter term operators pulling profits off the table as opposed to any longer-term reversal and could be a nice opportunity to pick up some cheap coins ahead of a turnaround.
As a near term catalyst (or two), keep an eye out for any fresh exchange listings. The company reportedly submitted applications to a number of majors at the end of last week.
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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.
Image courtesy of PAC