India’s JIYO coin sees a 5000% Increase in Market Cap in 2 hours
Over the last 48 hours there has been an uniform retreat in market cap value rankings for coins in the cryptocurrency market, all recording a decline in blaring red. However, one coin created as the native coin to a project called Jiyo has somehow managed to increase its market cap, although momentarily, bringing it from a rank somewhere in the 700s to the 98th position.
This temporary exponential growth spurt that Jiyo saw took place between 4.30 pm to 7.00 pm IST. In which the coin shot up from a value of $ 0.03USD to $ 2.07 USD.
The price held for a good couple of hours before dropping right back to $0.038 USD. At the time of writing the current value of one single Jiyo coin is; $0.036 which is almost a 99% drop from yesterday.
The Jiyo coin was introduced to the market in December 2017, right in the middle of the Bitcoin bull that was happening. Hence, its value did not benefit from the increase in value of the other coins. In fact, it was only in March this year that the coin’s market cap value started to get recorded on coinmarketcap and its contemporaries.
Jiyo is the native coin of an Indian blockchain technology project and is available to buy and trade from only one exchange; Cryptohub. And the only crypto-crypto pairing that can be done with this coin is JIYO-BTC.
In a matter of two hours, the value of the crypto coin went up by more than $1 USD and though it was short lived, having restored its original value, its growth was briefly exponential. On closer inspection by many people in the market, this seems to be the execution of a classic Pump and Dump technique, most probably propagated by JIYO enthusiasts to attract attention.
After seeing a growth of almost 5000% in the short span of two hours, the value of the coin has been restored from its all time high of $2.07 back to its usual, stable price that it has managed to maintain for the past couple of months; $0.03.