Paycoin (XPY), an altcoin backed by Bitcoin mining company GAW Miners, bagged the 4th richest cryptocurrency spot right upon its informal launch on December 16th this year.
An initial investment of around $54.5 million was made into the XPY market, almost $10 million more than the fifth richest cryptocurrency BitShares. It robotically settled XPY on the 4th position. During the next few days, we can notice a steady decline in the market cap in the chart below, hitting its “literal” bottom at $27.4 million and then trending upwards once again to hit the peak around $64.9 million. The market, at this point of time, is adjusting to increasing demand and supply and is thus displaying a volatile behavior.
An official press statement released by Paycoin representatives claimed coin’s hashing rate to have shattered all previous records by rising over 10,000% on the day of launch. As per them, it was the supporters who spiked the Paycoin total network hash rate to over 40 Peta Hash per second.
“Surging from 0 to 40 petahashes is unheard of,” said Jonah Dorman, general manager and vice president of GAW Miners. “We launched Paycoin in November of 2014 as a new digital currency built on Bitcoin’s successes while making many needed enhancements to increase merchant adoption, improve price stability, and dramatically decrease transaction times. We’re pleased to see so many miners and consumers support the new currency.”
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