Cheaper Than Ethereum: CyberMiles (CMT) Pumps 103% as Mobile Staking Begins

CyberMiles (CMT) more than doubled in value on Wednesday after an influx of trades on Binance sent CMT’s daily volume to a 13-month high.

Once a feature of the market cap top fifty, CyberMiles fell from prominence and off CoinMarketCap’s front page after 96.4% losses in 2018. Now ranked 116th by market cap after 103% growth, CyberMiles recently launched a mobile app which supports CMT staking.

And if John McAfee can pump a coin by mentioning its name, does the same hold true for Vitalik Buterin? The Ethereum creator mentioned CyberMiles in a recent tweet, noting that CMT is faster than ETH.

Vitalik Buterin: CMT Faster Than ETH

Tweeting earlier in the week, Vitalik Buterin wrote during a discussion about the downsides of the network effect:

“Transaction fees (eg. ETC is waay cheaper than ETH, and Cybermiles is probably even cheaper).”

This isn’t the first time Buterin has displayed humility when it comes to his own project. One Hacked writer took exception with Buterin’s low expectations for Ethereum back in 2018, when the ETH man said there was no more opportunity for 1,000x growth.

Read more: Vitalik Buterin: What Were You Thinking?

CyberMiles’ team saw fit to retweet Buterin’s statement… but without the slight hindrance of the larger context. After all, part of the reason both ETC (Ethereum Classic) and CMT are cheaper to transact than ETH is in part because of the smaller size of their networks.

Chief scientist and co-founder of the CyberMiles Foundation, Michael Yuan, chimed in to note CyberMiles’ contribution to the broader Ethereum community, stating:

“As a decentralized e-commerce platform, #CyberMiles designed alt gas mechanisms for the EVM to improve UX (metered free TX, dev pays gas etc). A nice side effect is that CM could be an agile “test ground” for new language & VM features for the Ethereum community.”

Mobile Staking

Another boost for CMT this week came from the launch of the mobile staking app. CMT holders can now earn interest on their staked coins straight from their smartphones. The team also launched an incentive program for network validators, promising to help those who stake 3 million CMT coins with two weeks of free promotion – aimed at attracting more stakers.

The team tweeted:

“CyberMiles Foundation works with all validators to expand the CyberMiles community and proactively invite CMT holders to stake. We have invited all validators to participate in app staking campaign 1th-14th July to increase total CMT stake and CyberMiles App downloads greatly.”

CyberMiles Price – CMT/USD

Whether related to the staking rollout or not, CyberMiles suddenly exploded on Wednesday with 103% growth. That carried the coin price from $0.036944 up to $0.075114.

Pulling back to the previous few months, we see that CyberMiles has doubled, and nearly trebled in price several times in the past quarter.

If and/or when this pump cools, perhaps CMT would be a good bet to buy on its next dip. On the day, 30% of the $73 million trade volume came from Binance’s CMT/BTC pair alone. ETH and BNB was also traded in small amounts.

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.