ReddCoin (RDD) is on fire. The coin was trading for $0.001 a piece back at the start of the month and, as of this week, trades at $0.01 and a market capitalization of more than $305 million. Twenty-four-hour volume just hit $277 million. That’s some serious activity in a coin that was attracting very little attention just a couple of weeks ago.
So what’s driving the action and can it continue?
We’re going to try and answer that question.
First up, while it’s not what’s causing the rise directly, it’s worth noting that this coin first hit a $100 million market cap at the start of this week. Now, of course, it’s way above that, but this $100 million level has grown to be seen as something of a right of passage for coins in this space over the last twelve months or so. When a coin hits $100 million market cap it’s taken seriously and the action we’ve seen subsequent to RDD breaching this threshold is representative of this fact.
But let’s get a bit more specific.
For anyone new to ReddCoin, it bills itself as the first and only social media specific cryptocurrency. There are a few coins that people use to tip and reward users across social media platforms right now (Ether, Doge, NEM) but none are specifically designed for this purpose and the team at ReddCoin (and the community behind it) is hoping that this sole-focus USP is enough to drive adoption.
So how does it work?
The company is developing a platform that can integrate with the various social media platforms that people use today – Twitter, Facebook, Reddit, etc. – and, once live, users will be able to old ReddCoin in their wallet and use it (by way of the integration) to tip and reward other users for their content and contributions to whatever community they are involved in.
Why would people use this instead of tipping in another currency?
Well, for one, it’s incredibly fast. Transaction times come in at just a few seconds. Second, it’s very cheap to use. Transaction fees come in at somewhere between 0 RDD to 0.002 RDD, depending on the byte size of the transaction.
It also employs what’s called a PoSv algorithm as a transaction processing and confirmation method. This stands for Proof of Stake Velocity and it’s a very efficient (and low energy, so environmentally friendly) way to operate a network.
How does all this play into the question asked above – can the run we are seeing continue into 2018 and beyond?
Well, we’ve just seen the company announce a partnership (and an integration) with Local World Forwarders, which is the first decentralized logistics platform in the world. This should serve as a nice proof of worth partnership and should validate the platform and its integration capabilities, as the partnership matures. In turn, this should pave the way for similar partnerships and integrations, the latter of which is going to be key if this social media specific coin is going to be picked up by the wider social media space as its tip-coin of choice.
We want to see more of these partnerships in place, then, as supportive of a longer-term bull thesis.
We’re avoiding the question – is this one going to run further?
Put simply, yes.
This is a coin that’s answering the call for a low value, quick and user-friendly tipping asset at what we see as being exactly the right time. Right place, right time. Sure, there are other options out there but none of them are as well established as this one and we think the action we are seeing right now is just the beginning of some 2018 strength.
We will be updating our subscribers as soon as we know more. For the latest on RDD, sign up below!
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 ReddCoin
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ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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