Groestlcoin Soars 201%: From Mastercard to Japan, GRS Aiming for Worldwide Payments
Groestlcoin notched up 201% gains in just a few hours on Monday, as the cryptocurrency benefitted from two red-hot fundamental developments in the past twenty-four hours.
Just like DigiByte a couple of days ago, Groestlcoin has found its way onto the specialized crypto debit card produced by PolisPay. The PolisPay debit card runs on top of Mastercard technology, and essentially means that any cryptocurrency integrated onto the card can be spent freely just by flashing your plastic at any Mastercard accepting vendor.
Groestlcoin Price – GRS/USD
It was all quiet on the Groestlcoin front on Monday, right up until around noon (UTC) when the coin price suddenly exploded. From a value of $0.248458, GRS climbed all the way to $0.749077 – that’s a 201% increase, and the peak arrived just six hours after the surge began.
That peak was short lived, and at time of writing the valuation had returned to the $0.59 range – meaning net gains remain above 140%. Prepare yourself for some more numbers – daily volume jumped an astounding 18,378% on Monday, as the turnover rose from $2.3 million to $425 million. For some context, that kind of volume hasn’t been seen since the major bull pump of January 2018, and there was zero indication of its arrival, with recent volumes averaging one or two million per day for the last few months.
Just like we saw recently with Enjin Coin, WAX, Cosmo Coin and Kyber Network, much of Groestlcoin’s volume came from Korean traders. Just over 70% of the day’s action came from Upbit’s GRS/KRW pair, and leaves me wondering if this giant pump isn’t also somehow connected to the whole Samsung saga, which has proved very fruitful for certain corners of the cryptosphere.
Groestlecoin on PolisPay’s Mastercard-Backed Debit Card
For a breakdown of the PolisPay debit card features and fee-structure, take a look at this DigiByte article from the previous day. DigiByte’s gains on the PolisPay announcement amounted to around 8%, while its five-day gains stood at 23% in the lead up.
So why did Groestlcoin benefit to the tune of 201%? Both Groestl and DigiByte launched within two months of each other in 2014, making them two of the ‘old guard’ in the crypto space. Up until now, DGB has been a mainstay of the market cap top fifty, while Groestl lingered outside the top hundred before today’s spike.
One differentiating factor between the two could be Groestl’s sudden addition to multiple exchanges in the last week or so. In March alone, GRS was added to the Bitshares exchange; the XBTS decentralized exchange; the ChangeAngel token swap platform; the OnePageX crypto exchange, and finally, the DynX decentralized exchange. On top of that, it was recently announced that Groestl was being added to the BitFi hardware wallet – the official hardware wallet for GRS.
Perhaps viewing this as a good time to capitalize on all of this exposure, the team also retweeted a batch of articles from last year detailing GRS’s addition to iVendPay – a payment module which allows vending machines to accept crypto payments.
The tweet was accompanied by the suggestive little fact that Japan is host to more street vending machines than any other nation, with one machine for every 23 citizens. Of course, iVendPay’s modules haven’t been fitted on all 5.5 million vending units just yet, but perhaps the implication, along with all of March’s positive developments, provided the sentiment (or cover) necessary for Groestlcoin’s sudden explosion in the last day.
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.