FREE Coin Spikes 32,553% In One Week After 99.7% Drop Off in Same Month
FREE Coin (FREE) hit the headlines back in early November when it entered into the market cap top hundred off the back of a 950% two-day spike.
Now the (almost free) coin is on the move again after surging 32,553% in just over a week. Even more remarkable than that number is the fact that the sudden upward movement comes off the back of a 99.7% drop off in the dollar value of the coin just weeks ago.
FREE Coin Spikes 32,553%
The value of FREE Coin was perched at the scientific notation price of 7.35e-8 just over seven days ago. That’s the CoinMarketCap equivalent of $0.0000000735 for coins that go beyond six decimal places.
Over the next week the coin surged 32,553% up to a dollar valuation of $0.000024 – a surge floated by mere hundreds of dollars worth of trade volume on some days, and a maximum of a few thousand on others.
FREE has now made it onto several small token exchanges since launching back in Q3, but most of the action takes place on Mercatox via the FREE/BTC and FREE/ETH pairs.
The token was listed on Mercatox back in October, and immediately initiated a 29,000% growth run which peaked in early November.
FREE Sinks 99.7%
Following that peak, the value of FREE proceeded to sink 99.7% in value, sinking to a dollar valuation of $0.0000000735 by November 25th. That gave FREE Coin a market cap of just $200,000, and sent it tumbling out of the top hundred coins and back down to obscurity among the lower end of the top thousand coins.
By Sunday that market cap had climbed back up to $89 million, returning the token to the top sixty. Only five thousand active addresses are listed on Etherscan, with 3.8 trillion tokens circulating out of the total supply of 10 trillion.
No Such Thing as a Free Coin
For anyone wondering what the purpose of the token is, I refer you to the release notes which accompanied the Bitcointalk forum announcement for the project:
“Between 1 and 5 % of the population uses cryptocurrency in 2017. We need to invite the other 95 % to try out the potential of cryptocurrencies. Therefore we offer a (nearly) FREE Coin, so that everyone can play with this coin without financial risks : create and restore wallets, send to other wallets, test how Exchanges work…”
With 1400 tokens available for every person on earth, the goal of FREE Coin is to become a valued transactional standard through use alone – use which aims to be encouraged by the low, low, starting price of the coin.
With only a few thousand dollars worth of trade volume, it seems global adoption is still some way away for the almost free coin.
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.