$PAY grow more than 100% in last week and is still growing. Why?
TenX’s native coin PAY has managed to gain 39% more value against fiat in the last 24 hours; hitting the $1 USD mark. This is the coins first significant gain after the two times that it hit and crossed its highest ever value at $5.30 USD.
Currently, the coin is ranked 85th in the coin market and is pretty much insignificant compared to its contemporaries Bitcoin, Ethereum and Ripple. However, it has managed to catch everyone’s eye by the 39% jump in valuation in the past twenty four hours.
What is TenX?
TenX is a cryptocurrency startup that is working on making digital assets more viable in the real world. They are mainly a payment platform that provides wallet services, a physical debit card and ATM access to all its customers.
Their native token is called PAY and all transactions on the platform use it. It is a basic utility token and its highest value ever recorded was in August 2017 when it crossed $ 5.30 USD and then subsequently in December during the Bitcoin Bull, during which it touched $ 5 USD.
Possible Reasons for The Pump
As is normal, right after the pump of PAYs value, the community got to work trying to figure out the why’s, who’s and how’s. The most plausible reasons that are making the rounds right now are the ones involving the exchanges Binance and Bithumb.
Binance recently announced that they were adding PAY to its listing on the exchange. Binance is one of the market’s fastest growing exchange and by far the most popular too. The tokens they list and thereby inadvertently endorse have a lot of sway on the market and its investors. Which is why some in the community believe that this could be a reason for the sudden hike in value.
Another interesting reason that is floating around is that there is an irregularity on the Bithumb exchange after the hack last month which may be the reason for the effect on the price of TenX’s token PAY.
The coin has managed to gain at a constant rate from the previous month without shouldering any massive blows in value and has since crossed its first dollar mark over the last twenty four hours. The actual reason behind it or the party causing this current gain is pretty much insignificant and unimportant. Because regardless the coin is gaining value in comparison to fiat. However, whether this is going to be a continuing trend for the coin or this is merely a momentary gain for the coin, remains to be seen.
At the time of writing the token’s current value is $1.25.