MonaCoin (MONA) Surges 208% in a Day: Instant Top 50 for Meme Crypto
The Japanese equivalent to Dogecoin exploded in the past day, as MonaCoin came back from the dead to record miraculous 208% gains.
The catalyst for MonaCoin’s revival can be linked to a recent listing on a major Japanese cryptocurrency exchange, as covered on CCN.
MONA’s development began all the way back in 2013, and after surging to a market cap of $1.1 billion in December 2017, it subsequently lost 98.27% of its value. Now, the cat-coin is on the move again, and has racked up 862% growth since its December low.
MonaCoin Explodes – MONA/USD
Early on Friday, May 31st, MONA was trading at a price of $1.09. By time of writing, on the afternoon of the following day, one MONA coin is now worth $3.36 – a 208% increase.
Much of the growth arrived on Friday night, when the initial flurry of buys from Japanese crypto investors made itself felt. But the surge picked up again on Saturday, and this time it may have been caused by Western investors getting in on the act.
I don’t have historical data for comparison, but Bittrex processed over $9 million worth of MONA trades on Saturday. Presumably this was not the case prior to MonaCoin being listed on Coincheck.
The MONA/JPY (Japanese yen) pair on Bitbank has seen more than $147 million pass through it in the past day. The Japanese yen pair on the Zaif exchange also reports over $6 million worth of action.
All of this adds up to a sudden reversal of fortunes for the previously small-cap altcoin. That said, from the December low of $0.34, Mona had already trebled in price by the time this current pump arrived. A situation no doubt helped by its ability to remain listed on Bittrex – the only major Western exchange to host it.
Old Coin, New Tricks
Mona’s presence on the cryptocurrency scene may seem muted here in 2019, but in 2014 it was quickly adopted by Japanese crypto enthusiasts as their own meme coin. Like Dogecoin, there was no ICO, roadmap or whitepaper, as noted by a Bitcointalk forum member:
“Mona is like a Japan meme coin. It was created in 2014 and just like dogecoin was adopted by the crypto community, the japanese community also adopted Monacoin as their meme coin. So i don’t believe there is any roadmap or whitepaper.”
Another claimed to have bought MONA when it was priced at $0.04 back in 2014 (the same year it went on to hit a peak of $0.90):
“Monacoin is the third coin that I know after Bitcoin and Dash, I must say thanks for getting a big profit from Mona, bought it for 4 cents in 2014, and sold 1500 Mona at the end of 2017 at $8, now thinking of buying Mona again.”
MonaCoin is unlikely to offer anything new in terms of utility, but depending on the reaction across social media, would it be possible that other exchanges list it out of sheer novelty alone?
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.