Game (GTC) Gains 60% Yesterday and Loses It All Today
But amid the flurry of red candles stood one proud green column; and a token which showed 60% gains while everything else sank.
GTC tokens started yesterday at a price of $0.125, and by the end of the day its value had surged to $0.20.
However, in the last 24 hours all of those gains have been wiped off the table, and Game.com has even been forced to pay interest on those gains as the token price has since sunk to $0.114 – a price even lower than it started at before the spike.
GTC had spent most of the month within the $0.09 – $0.13 range,
What the crypto market giveth, the crypto market taketh away – or at least that’s how it often seems to play out. The Game.com team may have been slightly too optimistic at this time yesterday, when they tweeted out the celebratory exclamation:
“GTC TO THE MOON CONFIRMED!!!”
Pump and Dump?
Looking at the shape of the GTC’s weekly graph, the natural assumption would be that it has been the victim of a pump and dump.
Game.com’s 24 hour trading volume increased by an astronomical 3500% – starting yesterday with a daily volume of around $2 million, before jumping to $72 million just a few hours ago. That volume has dropped back down to the $40 million range in the last four hours, and continues to fall.
Such movements are not uncommon among tokens lower down on the market cap Top-100. Indeed, Game.com finds itself positioned in 96th spot, with a valuation of $87 million, among other coins which have experienced unnatural market movements in recent weeks, such as Enigma, Funfair and Decentraland.
This time yesterday GTC had broken into the Top-70’s, but now faces the proposition of dropping out of the Top-100 entirely.
All Roads Lead to Tether
Nearly 60% of GTC’s total trades in the last day have come from Gate.io, where $30 million worth of trades were made against USDT. The second highest volume of trades also came against USDT on the OKEx exchange.
Only 14% of the total trades have come against BTC, while ETH trades only account for around 10% of the day’s volume.
Yesterday’s spike marks the highest market valuation reached by GTC since April 22nd, when the value of one token surged to a price of $0.45, which was even higher than the $0.35 valuation achieved during the spike of January.
Game.com aims to become a media hub for the gaming industry. The team’s annoucement states:
“Through the creation and integration of game content, we provide ready-to-go entertainment services and application environment to facilitate the rapid expansion and development of blockchain technology.”
Featured image courtesy of Shutterstock.