Clipper Coin (CCCX) Is Up 7,481% in 2019; And It’s a Complete Mystery Why
Clipper Coin outperformed the broader market on Thursday, recording 22% gains while the rest of the market attempted to rebound from the recent freefall.
Interestingly, Clipper Coin might be the best performing digital currency of the year so far. By time of writing the CCCX token is up 7,481% since December, leaving it ranked among the top 80 cryptocurrencies by market cap.
But Clipper Coin is apparently without guidance, with no communication coming from the team since last year. Meanwhile, the concept upon which it bases one of its main use cases may have died out already.
So what is Clipper Coin, and how has this rudderless, antiquated token stormed through 2019 thus far?
What Is Clipper Coin?
The documentation describes the project as bringing financial services to the blockchain.
“Clipper Coin Capital is an innovative crypto brokerage and investment bank with global reach. ClipperX Crypto Ratings helps crypto investors avoid ICO scams and invest in the future of blockchain technology.”
One of the main goals, according to the documentation, is to provide a trusted, standardized system for the ranking of ICO projects. The team will apparently provide their own expertise in this venture, using modern portfolio theory:
“ClipperX Crypto Rating uses modern portfolio theory to analyze and rank listed cryptos and ICO project tokens to maximize risk/return profiles for crypto investors.”
Alright, let’s address the elephant in the room. Here we have a horse-and-cart seller wandering into the 21st century. The ICO market bottomed out in 2019, as more scrutiny befell it from the SEC, and Initial Exchange Offerings (IEO) took over as the main method of distribution.
Already IEO’s are outpacing ICO’s in terms of funds raised. ICO’s raised $340 million so far in 2019 – a drastic drop from 2018’s $7.8 billion.
Meanwhile, IEO’s raised $124 million in the month of June alone, and another $50 million in July. That means IEO’s raised half the sum of 2019’s ICO’s in just two months.
Ghost Town Project
No posts have been made to Clipper Coin’s social media feeds since 2018. The Telegram channel is overrun with scam posts and adverts promoting free airdrops. The last genuine posts made were by investors complaining that they had not received their coins.
The website displays the project’s features, including brokerage, and investment banking services – all of which are noted as “coming soon”. Soon was back in early 2018, when ICO’s were at their peak. As for the criteria by which the ICO’s were supposed to be rated against, it looks a lot like standard ICO rating criteria. It’s essentially the same kind formerly used by Hacked, and many other publications which gave independent ratings to ICO’s back in the day.
Yet despite all of this, Clipper Coin remains one of the best performing tokens of the year.
Clipper Coin’s Spineless Pump
Unfortunately, that performance wasn’t really seen by anyone. With listings on just three no-name exchanges, and miniscule trade volume, it’s fair to say Clipper Coin’s entire surge in 2019 has been caused by manipulation.
From a starting price of $0.000210 in December, the value of CCCX soared 7,481% up to $0.015922 by time of writing.
Remarkably, over 27,000 token addresses exist according to Etherscan. Despite the apparently wide distribution, close to 50% of the entire supply is controlled by the top ten holders. With over 7,000% ‘gains’ on paper, Clipper Coin is yet more proof that all that glitters is not gold in the crypto market.
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.