Reddcoin (RDD) Rises 31% From Dead After Image Overhaul; But Is It Enough?
Reddcoin (RDD) showed flickering signs of a positive turnaround on Tuesday, after the social media tipping coin lost 59% over the previous two months.
The Reddcoin website was recently revamped, while the team released a new roadmap and ‘Reddpaper’. In the past two days the RDD coin price reacted, with 31% growth since September 1st.
That said, trade volume remains miniscule on Reddcoin, and looks prone to manipulation. But Reddcoin’s real worries lie elsewhere.
From 2014 With Love: Is RDD Out of Date?
Since launching in 2014, the niche specialty that Reddcoin made its prime focus has become exceedingly commonplace among cryptocurrency projects – many with much more ‘brand awareness’ than Reddcoin.
The niche specialty which truly set Reddcoin apart in 2014 was its ability to be tipped to and from users across social media sites.
However, since then a whole host of coins and added this very feature to their box of tricks. Did you know it’s possible to tip Twitter users using XRP, Ethereum, TRON, Bitcoin Cash, Basic Attention Token, and presumably many more. From the top of my head I’m aware of several similar tipping mechanics on Reddit, while Basic Attention Token and the Brave Browser are working towards having micro-transactions on multiple sites.
What’s more, since 2014 an entire genre of websites has popped up which do Reddcoin’s job for it. Sites like Steemit, DLive, and DTube are based entirely around the concept of tipping people for work/posts that we find valuable.
In short, Reddcoin may just have lost its only unique feature. If someone wants to tip someone else across social media, would they really go out and buy a separate coin? Or would they just use an app that allows them to send their own coin?
Above I suggested that Reddcoin had been prone to manipulation. That’s because of the erratic patterns of the coin price – a result of CoinMarketCap excluding then re-including various exchanges as they throw up suspicious activity.
Regardless, since September 1st the RDD price jumped 31%, from $0.001058 up to $0.001393. The increase against Bitcoin was lesser – climbing from 11 to 13 satoshis as BTC climbed throughout the day.
Reddcoin had fallen 65% against Bitcoin since June alone. After the weekend’s surge, that stands closer to 45%. These flickerings of a revival look good for a community which is still going strong to this day on Reddit.
Reddcoin has also introduced Proof-of-Stake (PoS), activated via the wallet. On September 1st it was listed against USD, GBP and EURO on Vertbase.
But despite the good news of late, we might just be looking at a relic of a bygone era.
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. Charts via CoinMarketCap.