UnlimitedIP (UIP): Zero to Fifty Million USD in 10 Days for Abandoned Altcoin
UnlimitedIP (UIP) broke into the market cap top hundred on Sunday, after 200% growth over the past ten days. The token started trading in late 2017, but only now, after over eighteen months, has official token circulation data become available.
But on a day when we should expect to see celebratory tweets from the team, we instead find UnlimitedIP to be a ghost town. The official website appears to have been down for some time, and hardly any contact has been via social media channels in recent times.
Zero to Fifty: UnlimitedIP Drifts Into Top Hundred
When the data filtered through on July 18th, UnlimitedIP saw its market cap jump from zero to $16 million in an instant. Over the next ten days, that market cap climbed to $54 million, while the token price increased by 200%.
July’s decline in the broader crypto market had little effect on the UIP token, which climbed from $0.015615 up to $0.046836 without interruption.
Most of the trades appear to have come from Huobi Global – an exchange first founded in China, before it was forced to up-sticks and move to Singapore, Korea and Japan after the Chinese government banned ICOs. UnlimitedIP is a Chinese project, and all of its Telegram communications are in the mother-tongue.
That might explain the influx of trades on Huobi, but what remains unexplained is the complete lack of presence from any of the principals in the UIP team.
No Website, No Whitepaper
The official links pinned to the top of UnlimitedIP’s Twitter account lead nowhere. The website link leads to a ‘server not found’ notification, as does the whitepaper. The Telegram channel has received more than a few new members in recent months, but no representative of the team had been present to answer their questions.
After almost a year of silence on Twitter, a post was made to the UIP account on June 20th. This linked to a post made on the Chinese site, Weibo, which now appears to be down, or isn’t accessible from this country.
Another post followed on July 2nd, showing a Youtube animation displaying the UnlimitedIP concept. This video appears to be the only information about the project available online, and it has to be said, is very 2017.
— 未来版权UnlimitedIP (@UIP_Official) July 2, 2019
A mish-mash of pleasant jingles and blockchain buzzwords accompanies the now oversaturated idea of digitizing works of art on the blockchain. The only other info about the project is found on the Twitter account, which notes:
“UnlimitedIP (UIP) is a recreational copyright intelligent trading platform created by Link Entertainments Technology based on EOS.”
EOS or Ethereum?
The mention of EOS is strange given that the UIP token appears to be registered as an Ethereum token. This Etherscan page shows the token’s 5,780 holders; while 5 of the token’s 8 trading pairs are also against Ethereum.
On Sunday alone the value of UIP token jumped 70%, marking it out as the top performer among the market cap top hundred. Perhaps the growth of the token price will draw the team back into the fold in the coming months.
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. Chart via CoinMarketCap.