Cosmo Coin Hits 163% Growth on Galaxy S10; but is COSM’s Growth Only Skin Deep?

Cosmo Coin hit 163% growth over the last two days as investors piled in following confirmation of Cosmo Coin’s integrated support on the Samsung Galaxy S10.

The addition of Cosmo Coin to the Galaxy S10 was just as unexpected as the additions of Enjin Coin (ENJ) and Basic Attention Token (BAT) – and all three coins have benefitted spectacularly from the association in the past couple of weeks.

But just what is Cosmo Coin, and can this ‘beauty-focused’ altcoin realistically carve out a niche for itself among the Samsung Galaxy’s potential millions of users?

Cosmo Coin: Fuelling A Beauty Ecosystem

According to the website, Cosmo Coin (COSM) is an ERC-20 token issued by Cosmochain. Users will have to use COSM to buy Cosmo Power – the internal currency of the Cosmochain community application, named COSMEE.

The COSMEE application is an open market for the discovery, purchase and sale of cosmetic beauty products. Users of the app, which is available on iOS and Android, will be rewarded in COSM tokens for their interactions – such as writing reviews of products, as well as ‘liking’ and sharing content.

If that sounds a bit like Steemit, that’s because the similarities between Cosmo Power and Steem Power (SP) are obvious. Like SP, Cosmo Power is subject to a cash-out period if you wish to convert it back to the tradeable COSM cryptocurrency.

The Cosmochain Solution?

From the project’s official documentation:

“Cosmochain is a platform aiming to connect customers and companies through a mutually beneficial beauty ecosystem. There are two parts to this platform in the service level –
1) The Cosmochain Community where users can share beauty information and create related contents and interactions, and
2) The Cosmochain Solution where companies can search for data, provide products to the Marketplace, and carry out various projects. COSMEE is the official label of the Cosmochain Community”

My first instinct when reviewing this project is to ask: who is going to use it? On the one hand we have the fact that the crypto space is dominated by geeky, obsessive, ambitious young men (mostly 24-35 year olds) – few of whom will have any demand for a cosmetic beauty products marketplace.

That said, perhaps Samsung is thinking two steps ahead with its addition of Cosmo Coin. While men also show more interest in smartphones in general, it’s women who spend more net time on them. Couple this with the female domination of social media sites like Facebook, and now we start to see how the COSMEE app could be a very shrewd acquisition by Samsung.

At the risk of summoning a stereotype, could this blatant combination of beauty, shopping and social media be the thing that draws the women-folk into cryptocurrency?

Cosmo Coin Price – COSM/USD

From March 8th’s valuation of $0.023413, COSM jumped to $0.061798 by Sunday, March 10th. That’s 163% growth over the course of a weekend. Those gains would have been as much as 221% if COSM had held onto its peak price of $0.075198, but that high was short-lived.

Sunday’s price pump means COSM just recorded a new all-time high, clearing the previous ATH of $0.053622 seen in September of 2018.

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.

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