What Coins are in the Fear Of Missing Out Pump?
FOMO Coin of the Day is where I look at coins in or near the Top 100 in market capitalization that have show an interesting amount of increase in price. This increase can be due to many things, including manipulative pumps. I will give my opinion on the coin, but do your own research if you plan on investing in any cryptocurrency.
The cryptocurrency market is starting off slow this morning, but there are signs that it may stay green for the day. One of the coins that has stayed mostly green for 2018 is OneRoot Network (RNT). And when I say mostly, it seems to have been doing a wave pattern all year. And if you had jumped in at almost any point this year, you would actually be in the positive today.
OneRoot Network (RNT)
Leading Blockchain Technology Solution Provider
That's an interesting tag line. It isn't "a" or "the", just simply, "leading".
With the research and development of products, ONEROOT drives the construction of infrastructure, breaks through the threshold of technology and capital, as well as supports the development of distributed business, allowing blockchain to enter the real world
That sounds like a bunch of buzz words an intern threw together in order to meet the deadline that is due in about 10 minutes. Being that they are based out of Shanghai, I am guessing English is not their primary language. ONEROOT was founded in April 2017. The initial trading contract and wallet prototype was created in September 2017 and ROOTTOKEN 1.0 was released by December.
They do claim to have 5 products created or in progress;
- R1 protocol : for efficient trading - https://www.r1protocol.com/
- DDEX : Distributed Decenralized Exchange - based on the R1 protocol and used to create the bithumb DEX https://www.bithumb.io/
- DCEX : Distributed Centralized Exchange - an exchange system for items with poor liquidity.
- RNC : Oneroot Network Change - the public chain for Oneroot
- TOUCH : Light Wallet User Terminal - A mobile wallet. https://imtouch.io/
So, I guess, ONERoot is in the business of making exchanges and wallets. The coin, is a Etherium token and it is limited to 400 million. Today they announced a 1:1 air drop of BXA(Blockchain Exchange Alliance), which is most likely the reason for the pump and dump you will see for a few days. So, ONEROOT created Bithumb exchange, the Blockchain Exchange Alliance owns ONEROOT, the President of the ONEROOT Foundation is the CEO of BXA. I guess that is all fine and dandy.
Since BXA is now a institutional shareholder of ONEROOT, I'm not sure what those BXA tokens or RNT tokens will be worth in the future. This is basically like a stock split, just ending up with two differently named stocks.
ONEROOT is 104 in market capitalization at USD$34 million. With a limit at 400 million coins/tokens, there shouldn't be an issue with degrading of value over time due to saturation.
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