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Understanding HempCoin (THC) And The Value It Provides To The Cannabis Market
The name Hempcoin is probably not something that most people have come across despite the growing popularity of cryptocurrencies. This could, however, be due to the fact that it is one of the cryptocurrencies that are not so popular. This then brings the question of what it is and what are its applications.
According to the Hempcoin website, it is a cryptocurrency that focuses on the agriculture industry, specifically on marijuana or hemp farming. It is built on Blockchain which is the same technology that runs other cryptocurrencies including bitcoin. It is worth pointing out that it is built on Bitcoin’s source code. Its reason for existence is to facilitate transactions between marijuana dispensaries and marijuana farms. The existence of this coin thus highlights the acceptance of blockchain technology in the world of marijuana.
Hempcoin aims to facilitate easier and faster transactions between marijuana or hemp farmers and distributors. The legalization of medical marijuana in many states and recreational marijuana in some regions has led to a rapid growth of the marijuana industry.
Hempcoin was launched in 2014 but has not really taken off like other cryptocurrencies such as Ethereum. However, this could be attributed to the fact that the hemp and marijuana industries have not really been popular until 2015/2016 when legalization became a hotly debated subject. Also, cryptocurrency was not such a big deal back then and these factors have played a role in its slow growth. However, things are now changing and digital currencies, as well as blockchain technology, are now trending. This has led to opportunities for Hempcoin to gain more popularity.
The fact that it is a cryptocurrency that caters to a niche market makes this digital currency quite appealing, especially to cryptocurrency traders. Almost all cryptocurrencies have recently experienced significant gains and this has also been the same for Hempcoin. Its price is currently at $0.242976 though it recently hit an all-time high at $0.260549. It currently has a market cap of $55,884,513 and is currently ranked at position 172 in the list of digital currencies based on market cap.
Hempcoin is however not the only cryptocurrency that is focusing on the marijuana industry. There is another digital currency called Potcoin that is also targeting the niche market. Its website points out that the marijuana industry is heavily reliant on banking services. Potcoin aims to become the standard form of payment for legalized marijuana but it seems that it already has competition from Hempcoin. However, Potcoin is currently ranked higher than Hempcoin in terms of market cap at position 141 with a market cap of $75,461,212 and its latest price at $0.344553.
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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 Marc Fuya via Flickr
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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