1irstcoin (FST) Smashes Into Top 100 After 3,550% Growth in 2019

Rocket

The market cap top 100 gained a new entrant on Friday in the form of 1irstcoin (FST). The token began trading in April of this year, and since then has gone on to record 3,550% growth in just over three months.

So what is 1irstcoin, and how did it get to where it is today with a presence on just three small token exchanges?

What is 1irstcoin?

The 1irstcoin marketing pitch affirms its status as the “Google for cryptocurrencies”, or the “Google for traders”. The latest Medium blog post from the team describes the project as so:

“1irstcoin is a powerful search engine for cryptocurrency just like google is for information. We are very unique and our search engine enables you to search the best order for over 150 cryptocurrencies and in partnership with bestrate.org.”

Bestrate, according to the documentation, is a crypto gateway and an aggregator of crypto exchanges. 1irstcoin claims cooperation with over 130 exchanges thus far, and aims to become a one-stop shop for crypto traders.

Right now, 1irstcoin is conducting an IEO (Initial Exchange Offering) to “help refinance existing projects”. How many investors will be willing to buy FST tokens just days after it hit an all-time high, and peaked at 3,550% gains, is up for debate. (That said, the Telegram channel posted an update last month that said the IEO price was locked in at $2.85. How that’s possible, I don’t know. Comments welcome).

The latest blog post also details the launch of 1irstGold, an Ethereum-based utility token that will apparently be pegged to the value of 1 gram of gold. The team note that these tokens will be able to be ‘cashed in’ for real gold at selected outlets, with a minimum purchase of 100 tokens, or 100 grams of gold.

European Roots; FST by Numbers

The 1irstcoin website is written in German, with Russian and English versions available. The company behind the token – 1irstcoin LLC – is registered in both Switzerland and the Republic of Georgia.

At time of writing, its Twitter page has over 9,000 followers, while the Telegram channel has over 20,000 members. The token’s Etherscan page shows less than 4,000 addresses in possession of FST. The six largest of those addresses contains just over 90% of the entire FST token supply.

Somehow, FST gained 3,550% in value over three months while trading on just three small exchanges. The most notable of those, P2PB2B, is currently conducting the 1irstcoin IEO. Just last month, one Bitcointalk forum user posted this horror story detailing “wash-trading, fraud and theft” on P2PB2B, so tread cautiously if you intend to have a look.

Since CoinMarketCap picked up 1irstcoin’s data in mid-April, the token price has climbed from $0.25, all the way up to $9.47, with hardly a hiccup in between.

The token’s trade volume also hit a new all-time high on Friday, peaking at $550,000. Around 98% of that came from P2PB2B 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. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.