Highly Volatile Lambda (LAMB) Jumps 15% for No Apparent Reason
Lambda (LAMB), a highly volatile decentralized file-storage project, emerged as one of the crypto market’s top performers on Sunday, gaining nearly 16% in the span of 24 hours. Based on active-market data, the pump may have originated on Bitinka, a lesser known digital currency exchange based in Latin America.
LAMB Price Update
The LAMB price pumped by as much as 17% on Sunday, coming within a hair of $0.18. At the time of writing, the cryptocurrency was up 15.8% to $0.1793.
LAMB posted big gains against USDT, bitcoin and Ethereum. The LAMB/ETH market, the largest by total volume, jumped 14.4% to 0.00085489. LAMB/BTC rallied 14.6% to 0.00001879.
Lambda’s performance over the past 24 hours is more of a recovery than a price surge; the cryptocurrency plunged by more than a third last week en route to fresh monthly lows. Still, we are coming off a down week for most cryptocurrencies and none of the majors has come out of the gate so strongly in the last 24 hours.
Bitinka was the largest market for LAMB transactions on Sunday. The exchange processed more than 40% of the total transactions, with LAMB/ETH accounting for the vast majority of that turnover. Huobi Global accounted for another quarter of all Lambda trades. Reported trade volumes were $30.7 million, according to CoinMarketCap.
At current values, the Lambda blockchain is worth $89.7 million, putting it in 72nd spot on the market-cap rankings.
Lambda: A Lesser Known Project
Other than the fact that small-cap altcoins are highly illiquid, there’s no underlying reason behind Lambda’s extreme volatility over the past seven days. Information on the project is scarce, with the official Medium blog and website offering no new information.
The last newsworthy item was reported by Hacked more than a month ago after Lambda entered into a new partnership with Volume Network (VOL). The Volume Network, which is headed by Tron’s former chief technology officer, plans to increase cryptocurrency adoption through commercial transactions.
In the weeks leading up to the announcement, Lambda managed to secure several exchange listings, which catapulted it into the top-100 based on market cap. In June, Lambda got its cryptocurrency listed on OKEx, Gate.io and Bittrex.
The LAMB token was originally listed back in December during the depths of the bear market. The project’s main services all tie into Internet of Things (IOT) applications.
Lambda has a lifetime return on investment of 2,557%, according to CoinMarketCap. Its all-time high wasn’t that long ago: On July 7, LAMB peaked at $0.2743. There are currently 500 million LAMB tokens in circulation out of a total supply of 6 billion.
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.