MaidSafeCoin (MAID) Price Hits 18-Month Low as Daily Losses Continue
MaidSafeCoin (MAID) is one of the most well established tokens in the market cap top one-hundred, having launched in early 2014. But that longevity hasn’t stopped it from hitting a series of lower lows throughout 2018, en route to Saturday’s dollar valuation of $0.184909.
That’s the lowest MaidSafeCoin has fallen since April of 2017, marking an 18-month low for MAID on a day when twenty-four hour losses extended to over 12%.
As of Oct 13th, MAID is down 84% from its all-time high of $1.19, which was recorded during January’s altcoin surge. That statistic doesn’t look good, however it is basically in keeping with the rest of the altcoin market.
The token, which is built on Bitcoin’s Omni-Layer, performed well throughout the first couple of quarters, and more than doubled its value during the spike of April-May. Following the descent of late May, the token then gained close to 60% during the following spike going into June.
Similar numbers were put up during the bullish month of July, as MAID climbed from the $0.29 range up to $0.48. But everything since then has been pretty much flat. Trade volumes dried up, falling from seven figures down to six, and MAID finally reached a new 18-month low on Saturday morning.
That same morning the token fell from a valuation of $0.210281 down to $0.184709, the lowest since April of last year. Trade volumes actually leapt up today as the coin was sold off, rising from the $600,000 range up to $1.3 million.
The majority of those trades came against BTC, with 77% of total trades coming from HitBTC and Poloniex. No clear signs of what prompted the selloff are making themselves known, but the descent came hard and fast, with the majority of losses incurred during a brief three-hour window.
What Is MaidSafeCoin?
The project, based out of Ayr, Scotland, focuses on creating an entire online ecosystem based on ‘datachain’ technology. It encompasses a range of features such as decentralized trading of CPU power, hard drive space and bandwidth. It also acts as an open-source, decentralized version of the world wide web, and its SAFE Network comes with purpose-built websites, email services, video conferencing and more.
For the blockchain purists out there, MaidSafeCoin isn’t actually based on a blockchain, but rather a datachain. According to the MaidSafe team, blockchain technology’s lack of scalability leaves it unsuitable for the large data transfers needed in a computing resource marketplace.
According to the official documentation:
“Data Chains facilitate large amounts of data being passed between nodes at and can also enable the network to recover from a full system outage. And by using and recording nodes digital signatures, we can also ensure that it is not possible to forge identities in the network, keeping your data safe and secure.”
For a comparison, Golem (GNT) is another project which aims to build a decentralized resource marketplace, and is currently down 88% from its all-time high. Unlike MAID, the GNT coin hit its 18-month low back in September, from which it has since rebounded.
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.