ForexMinute.com – The ongoing Auroracoin Airdrop might have been a success, with little obvious hiccups, but the same cannot be said about its market cap, which has been falling miserably – over 40-percent – in the last 24 hours.
The anticipations with the world’s first country-based country were huge, as it actually flaunted the meaning of true patriotism among people. The innovative market approach had even brought the Auroracoin’s market cap above Litecoin, the very currency from which the former was inspired from. Although, it was up to Icelanders that how will they use their 31.8 Auroracoin (then around $400). Seeing the current market conditions, one can assume that most of the Icelanders are interested in simply cashing the currency for dollars and be with it.
But how many coins have been actually distributed, and cashed? Although, no one has a clue about the cashing, but Auroracoin’s website has lately confirmed the distribution of 3.09% of a total of 10,500,000 Airdrop at this time of writing.
This certainly leaves the future of Auroracoin in the midst of nowhere. Seeing at the currency status of its market cap, one can assume that if more coins will be shorted, the 40% fall will seem like a baby. Furthermore, the coin’s value have seen a decline of over 9.5% during the Airdrop, which although can be termed parallel with the Dogecoin’s decline – almost 8.5-percent – within the same period.
Meanwhile, Auroracoin still holds the fourth-largest market cap, just behind Litecoin, Ripple, and none the least, Bitcoin. Auroracoin holders, as our experts recommend, should now hold on to their coin until further progressions are made into the matter. A rapid devaluation can only be avoided if users keep it for a while, and spend it gradually against other digital currencies.
To contact the reporter of the story: Yashu Gola at email@example.com