ForexMinute.com – The number of Icelanders claiming Auroracoin is somehow inversely proportional to the coin’s value. It has been now three days since the inception of Iceland’s first national cryptocurrency’s Airdrop, but not a single instance has shown its value’s escalation, considering its day-wise performance.
If the reports of last 24 hours are taken into consideration, Auroracoin value has dropped around 40% – currently surviving at a mere $5.03. A day before the Airdrop, the coin was valued around $13, which means it has fallen up to 65% since the event, and is showing no signs to recover.
As per now, over 6% of the total population has claimed their slack of 31.8 Auroracoins. Speculations are that citizens, owing to their lack of knowledge about cryptocurrencies, are shorting Auroracoins the moment they are receiving it. This has also affected the currency’s overall market cap, which was hanging yesterday at around $77m, but has fallen miserably within 24 hours to over $54m.
Meanwhile, Auroracoin creator Baldur Friggjar Óðinsson has shown no worries regarding the future of the currencies, saying that “fluctuation has nothing to do with the viability of Auroracoin.”
Experts however do not seem to agree with Baldur. Two days ago at CoinSummit San Francisco, popular altcoin exchange Cryptsy CEO Paul Vernon made a remark at the Icelanders’ knowledge of the use of cryptocurrencies. “It’s just market driven,” said Paul keeping Auroracoin in context. “The fact that there is a drop is because people are getting rid of the coins.” Paul’s observation was favored by Litecoin developer Charles Lee, and Dogecoin founder Jackson Palmer.
We will keep you updated with any latest event regarding Auroracoins. Keep watching this space.
To contact the reporter of the story: Yashu Gola at email@example.com