Waltonchain (WTC) Price Pumps 34% Ahead of Departure from Ethereum
Waltonchain’s native WTC token gained 34% in the seven days leading up to Saturday, April 20th, as the project gears up to leave the Ethereum platform.
The Waltonchain mainnet has been in testing for over a year. Now after more than 18-months on Ethereum, the blockchain is set to go live on April 24th.
Waltonchain Price – WTC/USD
From the weekly low of $2.07, the value of Waltonchain increased by 34% across seven days, landing at $2.79. That’s a new five-month high for WTC as the coin digs itself out of losses incurred during the crypto winter.
The coin price has been slowly climbing since February. From Feb 6th’s low of $0.915011, WTC has seen a 204% value increase. CoinMarketCap reports daily volume of $18 million, while more conservative estimates on OpenMarketCap place true volume closer to $10 million. That puts Waltonchain among the top twenty currencies by trade volume on the day, punching far above the weight of its 60th ranked market cap.
Waltonchain Mainnet Imminent
This price pump might have something to do with the introduction of masternode and staking rewards on the upcoming Waltonchain mainnet. To qualify for a masternode users must hold 50,000 WTC in their wallets at the time of the snapshot on April 24th. Users holding 50 WTC or more will qualify for Proof-of-Stake payouts.
Block generation has been increased from one block per minute to two, with miners set to receive 2.5 WTC per block, and masternode operators making 3 WTC per block.
Any holders of WTC when the snapshot takes place will be able to swap their ERC-20 tokens at a ratio of 1:1 for the new WTC. No details have been released regarding the token swap, but the team assure users they won’t have to make any changes to their software until after the mainnet launch.
Trajectory of WTC
Waltonchain launched in Q3 of 2017 and immediately benefited from the surge that gripped the crypto market at the time. By January of 2018, the price of WTC had gone from $0.50 up to $45.96 – a 9,092% increase.
The bear market which followed wiped in excess of 98% from that valuation, as the WTC coin price fell back down to $0.87. Etherscan shows over 25,000 addresses holding WTC. For some context, Binance Coin (BNB) lists over 300,000 addresses; Holo (HOT) lists over 22,000, while Augur (REP) lists just over 9,000
CoinMarketCap and Etherscan list different valuations for Waltonchain’s market cap. If Etherscan’s estimation of $187 million is accurate, it would make Waltonchain a top forty token, as opposed to the top sixty ranking it currently holds.
Trade volume of $18 million is the highest recorded since October of 2018, with over $9 million coming from Binance’s WTC/BTC market alone. Anyone looking to capitalize on WTC’s momentum in the short to medium term should beware the price crash that usually follows a mainnet pump.
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.
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