Japan Content Token (JCT) Launches Into Top 100 with 1,084% Overnight Pump
Japan Content Token (JCT) muscled its way into the market cap top hundred on Tuesday morning, after 1,084% overnight growth.
The Ethereum-based token now sits among the top sixty tokens by market cap, but for how much longer? Let’s take a look at Japan Content Token before gravity takes hold and returns JCT to its former station.
What Is Japan Content Token?
According to official documentation which is all roughly translated from Japanese, JCT is a ‘combined platform for the issuance and re-sale/auction of ownership certification’.
Looking a little closer, we see the company website has links to an internet shop which sells various outdoor/camping goods. Tents, outdoor stoves and deckchairs are just some of the products up for sale. The website also links to a Japanese news/social media platform called Otatalk.
In short, there is relatively little concerning blockchain or cryptocurrency on the company website. There is a video package which the founder of the project explains how blockchain technology can be used in the restaurant industry as a protection against failed bookings.
Parsing the broken English isn’t easy, however the parent company, JaCKET, say:
“JaCKET enhances the secondary circulation management of creditor and debtor rights derived from Ownerships and Purchasing Rights. Therefore, the use of block chain (sic) related technologies will be able to solve the obstacles of Japan’s old business practices and registration system.”
The token is currently listed on a small handful of exchanges, including BitForex, BitMart and P2PB2B.
Japan Content Token Price – JCT/USD
One unit of JCT was trading at a price of $0.032272 on Monday evening. By Tuesday morning that valuation had increased by 1,084%, as the coin price soared to an all-time high of $0.382148.
JCT launched in August 2018, and CoinMarketCap only started collecting data on the token starting in April 2019. Based on its current numbers, today marks an all-time price high for JCT, as well as its highest trade volume of all time at $700,000.
Hello, Goodbye Altcoins
Having a token pump to a ridiculous tune and then disappear again shortly afterwards tends to be the rule rather than the exception. Some tokens do manage to hang on and cement a place for themselves in the big leagues, like the recently ascended Ravencoin (RVN).
But most tend to fall away after a few weeks. Good examples of this can be seen in S4FE (S4FE), and Buggyra Coin Zero (BCZERO). Both tokens gained between 1,600% and 2,600% growth in Q1 of 2019. But fast forward just a few months to Q2 and both have fallen away drastically. S4FE alone lost over 90% moving into the second quarter of the year.
As it stands, there are 275 twitter followers listed on the profile of Japan Content Token. That’s an even greater number than the amount of token holders listed on Etherscan – just 185 at time of writing.
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.