With volatility as its by word, cryptocurrencies keep moving up and down almost every day. While top crypto tokens such as bitcoin and Ethereum rising at marginal levels, there is one obscure currency which has risen, hold your breath! — 10 times in one single day. Yes, sounds incredible but true!
We are referring to Chainbing which was trading at $2.83 on January 13 and stayed in the same range until February 9. But the next day i.e., Feb 10, the token spiked to a whopping $28.05 posting 10 times increase, before it settled at $21.83.
For the uninitiated, Chainbing introduced itself as blockchain information engine. Its underlying decentralised data network consists of hardware nodes involved in data storage. There are artificial intelligence-based big data analysis tools which are provided by Chainbing.
Its white paper highlights that the cryptocurrency would focus on data collection & storage, data intelligence analysis, content provision & access, consensus mechanism & witnessing: and lastly, community governance.
And surprisingly, it is not alone. There is CAT token which was trading at $41 on Feb 9 but shot up to $84.49 the next day, posting an increase of more than 100 percent.
CAT claims to be the greatest meme token on a blockchain. It is a cryptocurrency issued on the Ethereum blockchain in August 2020, for the cat lovers of the world. The token was created as a meme token with a focus on conservation and animal welfare.
At the same time, bitcoin has risen over 14 percent to trade at $43,506 in past seven days, according to the Coin Market Cap data. Ethereum, on the other hand, has risen over 9 percent to trade at $3,106.
BNB also posted a healthy recover of 10.53 percent in one week to trade around $419 per unit, while tether rose only 0.18 percent to trade at $1 per token.