JIYO saw an unusual price surge of more than 4,800% within a day with trading activity happening on Cryptohub. Recent hard fork announcement may be the reason.
In what appears to be an unreasonable price surge, Jiyo coin (JIYO) shot up by over 4,800% today, as per CoinMarketCap (CMC) data.
Although the crypto market is known to be extremely volatile, such price surges are uncommon, even in the wild west of crypto. Typically, such surges indicate large scale pump and dump trading patterns, where big investors drive up prices to bring attention to the coin, and possibly profit off new-comers.
In the case of Jiyo, the price went from $0.03 to a staggering $2.08, all within the space of around 6 hours today. It appears that a small crypto exchange – Cryptohub – is where most of the trading action took place, amounting to a volume of over $70,000. Interestingly, the two other exchanges which list Jiyo have negligible trading volumes. While the reason for the surge is not confirmed, it may be because of the hard fork announcement earlier, in a 5:1 ratio.
The Jiyo coin is essentially built upon Bitcoin core, and utilizes proof of stake and masternodes to maintain consensus. According to its official website, Jiyo explains its mission as follows:
“We want to carry forward Satoshi Nakamoto’s vision when he created Bitcoin. We want to bridge the gap between the cryptocurrency market and everyday consumers. We’ll bring it into the mainstream by removing the barriers to access, and by helping people trust and understand what we believe to be the future of money.”
The coin itself is a simple, peer-to-peer digital currency which boasts instant and anonymous transactions. According to its roadmap, the third quarter of 2018 is when the team will kick off a marketing campaign, followed by iOS and mobile wallets in the last quarter of the year.
Whether today’s price surge is a simple pump and dump or a result of the hard fork announcement remains to be seen. However, at press time, Jiyo’s CMC page has been changed and reads “No Data”.
Read more at: Cryptovest