Darkcoin Continues to Lose Steam; Price & Market Cap Tumble

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Darkcoin Continues to Lose its Steam; Price, Market Cap Falling

ForexMinute.com – Panic sell led Darkcoin’s value and market cap to fall yet another day. As a result, the coin lost its prestigious third position in the top cryptocurrencies list and slipped four steps below to the 7th place.

The fall originated from the same event that led Darkcoin to the top in recent days. Last week, the Darkcoin team had announced the launch of masternodes – the portals within a Darkcoin network that would maintain the transaction anonymity. But this experiment had gone bad when a bug inside the network initiated a series of forks. These forks hurt the payment mechanism of the overall system, leading exchanges to purposely halt Darkcoin trading as well. Investors, on the other side, started pumping out the money from the Darkcoin market, fearing the possibility of losing them once for all. Therefore, the panic sell.

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The Darkcoin team earlier had accepted such an attack by saying, “This was either due to an intentional attack on the network or an issue with the masternode payments system. In either case we have a solution for masternode payments that will be safe for the network in the future.”

To woo the investors again, the team also increased the masternodes block reward (from 10% to 20%), while also announcing to use the same model with no further hard forking. Even few hours ago, they have launched a new Darkcoin mining pool Simple Dark (with advanced security features) and has further announced to add 2% incentives for miners as well.

We are sure that Darkcoin is no pump-and-dump like other fake coins, as we can see the efforts to recover its lost grounds. But even then, the coin requires more than just eye-catching offers this time to regain its lost position. As per now, there has been no substantial impact of the aforementioned announcement on Darkcoin prices and market cap. But it will be safe to say that the coin might regain everything once its value touches its low. We have seen it happening even with Bitcoin, and Darkcoin, whose features have been applauded by the entire cryptocurrency community, is sure to find its feet once again.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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