A controversial cryptocurrency, RChain is currently showing massive growth in its trading volume. It is ranked 74th on Coinmarketcap with 220 percent growth in the past 24 hours.
Zero Trading Volume on Some Exchanges
According to the data provided by Coinmarketcap (CMC), RChain (RHOC) cryptocurrency is exhibiting the aforementioned price surge on August 23, 2019. RHOC is currently trading at $0.188 against the US Dollar and has a the market cap of $70,373,643.
It is interesting to see that on August 22nd, this cryptocurrency was at $0.057 but it suddenly skyrocketed to over $0.188 on August 23rd.
RChain runs on top of Ethereum platform and is available on 7 crypto exchanges in different trading pairs. Presently, RChain is actively trading on Bitinka, KuCoin, CHAOEX, BitMarket, Bilaxy, Hotbit and CoinPlace cryptocurrency exchanges with a very low 24-hour trading volume. A few exchanges are even showing zero trading volume of the coin.
Although it is a top 100 coin today, such a sudden spike in the trading volume of a cryptocurrency is unusual it is bound to make the crypto community skeptical. This cryptocurrency was at $2.90 in January this year with the 30th rank on CoinMarketCap.
According to the earlier reports, RChain Cooperative claimed that the RChain organization was facing bankruptcy. In early 2019, it was asserted that RChain’s liabilities were exceeding its liquid assets, thereby making it “Functionally bankrupt”.
As per another post in April 2019, RChain informed its community that the company suffered a scam. Accordingly, KuCoin exchange (which is one of the exchanges which listed RHOC token) blocked the crypto wallet address of the scammers. RHOC in its blog summarized the scam as follow; “The RHOC being held by the scammers will not be honored upon reaching Genesis”.
Th reason behind the coin’s sudden growth is unclear, but it is to be noted that this behaviour is typical of coins that are involved in pump and dump schemes.
So readers, what do you think about RHOC’s token spike? Let us know in the comment below
Image Source – Chainrock medium blog
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com