ReddCoin Makes a Splash, Gains 50% in 30 Days

Altcoins have taken it on the chin in the most recent market downdraft, with bitcoin’s dominance rising to more than 56%. One altcoin that is not only trading higher today but has posted gains over the last 30-day period is ReddCoin (RDD), which boasts a market cap of $105 million. Trading volume in RDD has ramped up in recent days, nearly doubling from $2.5 million yesterday to almost $5 million today. ReddCoin is up 5% in the last 24 hours, which compared to the broader declines in the crypto market is impressive, and its value has expanded by 50% over the last 30 days.

Source: TradingView

The technical signals for ReddCoin are solid, with its relative strength in neutral territory and a MACD signaling bullish momentum. The short-term moving averages are similarly bullish, with the longer-term averages turning more bearish in nature. Meanwhile, recent crypto darling Dogecoin (DOGE) has trimmed its gains significantly, suggesting perhaps traders are redirecting their profits into RDD.

ReddCoin uses a proprietary Proof-of-Stake-Velocity (POSV) algorithm rather than proof-of-work, the former of which the industry is trending toward, as evidenced by Ethereum’s transformation toward the POS protocol via Casper and away from POW. Rather than investing in chips to bolster hash power, miners create new RDD coins commensurate with the amount of ReddCoin holdings in their wallet.

ReddCoin is currently the No. 55 cryptocurrency based on market cap, but based on its current pace of growth, it could overtake No. 54 Cryptonex (CNX) sometime soon. Noone might have predicted that Dogecoin would bump privacy coin Zcash (ZEC) out of the No. 20 spot on CoinMarketCap, the former of which has seen its value balloon to $741 million over the last week or so.

ReddCoin is a “social currency” that gives holders the ability to reward creators of content on social media platforms like Twitter and Reddit with RDD coins. Volunteer developers are reportedly targeting other high-profile social media sites including Facebook. On its website, ReddCoin says that the public release of Redd ID V1.0 will be unveiled this month, which could be stirring excitement in the project. It boasts features like linking a Redd ID to other social networks, sending tips with one click via the Google Play Store and more.

Investors have been flocking to these unexpected coins during the midst of a market that can’t seem to find its footing. There are a handful of other altcoins that are rallying in response to positive developments, and the crypto industry is showing evidence of moving ahead despite the lag in market prices.

Featured image courtesy of Shutterstock.

Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.