Syscoin (SYS) Makes Comeback Amid Downturn; 76% Spike Ahead of Project Rebrand
Syscoin (SYS) was a stable fixture in top ranked coins by market cap earlier in 2018, but a 97% decline throughout the year saw the coin depart CoinMarketCap’s front page, and eventually hit a new twenty-month low on December 13th.
That’s when everything changed for SYS: a 15,500% increase to trade volumes helped fuel a 76% comeback recovery, all of which occurred in just over a day. Social media mentions for the decentralized marketplace project also surged in the last day, with Twitter and Reddit receiving an influx of SYS related posts and activity.
All of this comes ahead of a project revamp which is set to be launched on December 18th.
Syscoin Price – SYS/BTC
Over 90% of daily trades came against BTC in the last twenty-four hours, with Binance housing the majority of the action.
From a starting price of $0.029109 (883 sats) on Thursday evening, Syscoin jumped 76% up to $0.051509 (1579 sats), with the peak landing on Saturday morning. Several huge pumps from BTC traders on Binance kept the run going, as can be seen above.
Prior to the surge, Syscoin was nursing wounds from 97% losses since January, and the dollar valuation in the $0.029 range hadn’t been seen since April of 2017. The satoshi value of 883 hadn’t been witnessed for even longer.
Origins of the Pump?
The price rise does coincide with the lead up to Syscoin’s project rebranding, which is set to go ahead on December 18th. It wouldn’t be too cynical to assume a playful little pump and dump in anticipation of the event, however, some Syscoin supporters see larger reasons at play.
According to one recent post in a Syscoin traders group, Syscoin is pumping for a multitude of reasons, including:
“…Syscoin Core 3.2 is coming…Fusion is coming…BMD 3.2 is coming… SYSio is coming…”
The list of upcoming Syscoin developments goes on, and could very well be a catalyst for the increased action we’ve been seeing since Thursday night.
But then, show me a crypto/blockchain project that doesn’t have a whole host of developments coming and I’ll show you something similarly fanciful.
Syscoin on Social Media
Twitter bots picked up increased chatter on the Syscoin front, with a 228% increase in tweets coming in by Friday night. The surge continued since then, but as noted at the time:
“Syscoin up 45.76% on a 1,212% increase in trading volume. Daily sentiment remains high on a 228% increase in tweets. #SYS only accounts for .02% of overall crypto market cap, but .18% of tweets today.”
Syscoin was one of the earliest ICO launches back in 2014, and was the first blockchain to implement the Lightning Network on its mainnet in April of 2017.
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.