ForexMinute.com – After hitting an all-time-high on July 27th, the Reddcoin market cap and price started to rally downwards probably because of the short-term profiteers selling their stakes at peak prices. Still, the price was braced periodically by multiple support levels, thanks to the various development updates that injected optimism in the market.
However the last 24 hours in Reddcoin market is displaying a completely different scenario. Quite shockingly, the Reddcoin market cap has fallen over 35%, suggesting that a whopping chunk of RDD has been withdrawn from the market. Indeed it is the act of big whales taking opportunity to make quick bucks. This also gives life to a theory that the coin was pumped artificially from the very start.
An ongoing debate on Reddit suggest that Reddcoin was actually a scam coin. Known to only few, the coin’s 1st block represents 2% of the total currency units alone. Until the 10th block, the total number of mined Reddcoins reaches 5.45 billion. It simply means that around 25% of RDD has already been pre-mined – a number which directly questions the developers who earlier claimed RDD to be 5% pre-mined only. (This paragraph requires a discussion as most of the pages proving this claim has been removed from the internet)
However, the Reddcoin community is still backed by a reasonable number. Most of its users believe that the opportunists are simply creating fear and uncertainty in the market. According to them, the Reddcoin prices are deliberately brought down so that they can be bought at the bottom level. This practice have been visible earlier even in other top coins’ charts, such as Litecoin and Dogecoin. But it is the strong community backing which has kept them away of being called as scammers.
While Reddcoin is not dead in strict sense, there is no doubt in saying that it is approaching towards the same fate. It is depressing to see a cryptocurrency like RDD, with a huge potential, going to pits like that. Only mass adaption can save it for now, as investors are likely to be trapped by ongoing FUD. Believers might still hold on to their investments and expectations, but for now the Reddcoin future is all blurred.
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