• About
  • FAQ
  • Contact Us
Newsletter
CoindeskHUB
Discreet cryptocurrency exchange, crypto resources & latest market headlines.
  • Home
  • Exchange
  • Market
  • News
    • Bitcoin
    • Ethereum
    • Regulation
    • Blockchain
    • Monero
No Result
View All Result
  • Home
  • Exchange
  • Market
  • News
    • Bitcoin
    • Ethereum
    • Regulation
    • Blockchain
    • Monero
No Result
View All Result
CoindeskHUB
No Result
View All Result
Home Monero

Remembering the Class of Altcoins That Went Up in Smoke

Tony Spilotro by Tony Spilotro
April 20, 2020
in Monero
0
Remembering the Class of Altcoins That Went Up in Smoke
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Tony Spilotro



During the crypto hype cycle and asset bubble that formed in late 2017, everyone jumped on the cryptocurrency bandwagon and scrambled to launch altcoins designed to power a specific industry or category.

To celebrate the current 420-day holiday taking place across the globe, we’re looking back at a small subset of altcoins that went completely up in smoke when the bubble eventually popped.

Remember The Unnecessary Altcoins Launched During Irrational Exuberance?

There’s an altcoin token out there for just about everything imaginable. There’s a TrumpCoin and a PutinCoin – even a Putin Classic. There was a Diet Bitcoin, launched by Pablo Escobar’s brother.

Everyone has heard of DogeCoin, and there’s even a token straight-up called Useless Ethereum Token, complete with full disclosure that the coins are “completely useless tokens.” The token sale sold out completely.

For a short duration during peak crypto hype bubble, more altcoins were created with more serious tones, aimed at powering a specific industry, such as dentistry with DentaCoin, or the pornography industry with SpankChain, WankCoin, or the Vice Industry Token.

RELATED READING | TRUMP PUMP! POTCOIN SURGES 20% AS UNOFFICIAL NORTH KOREA SUMMIT SPONSOR

During the same timeframe, across North America, more and more US states and Canadian provinces began legalizing recreational marijuana, causing a massive surge in interest and growth in the sector.

Pot stocks caught fire, and projects were launched for crypto tokens that would eventually underpin these industries as the backbone. PotCoin, CannabisCoin, HempCoin, DopeCoin, and others were all created out of thin air and launched for investors to take a position in.

PotCoin was among the first cannabis-industry focused tokens to experience success. During the bubble, the crypto asset went on a roll from $0.001 per token to over $0.40 at the all-time high. Investors in the cannabis crypto were feeling just as high, for one reason or another.

potcoin price chart crypto 420 altcoins

420: From All-Time Highs, Cannabis Crypto Projects Go Up in Smoke

Since that high was set, the altcoin went completely up in smoke. And so did other marijuana-focused altcoins.

PotCoin, CananbisCoin, HempCoin, DopeCoin, Cannation, Paragon, BlazerCoin, and all of the other pot-related crypto coins, have all fallen over 90% or more from their all-time highs. Some have lost as much as 99.9% of their valuations, leaving investors burnt out.

RELATED READING | BITCOIN ‘TOO SLOW’ FOR CANNABIS INDUSTRY UNTIL BLOCK SIZE CHANGES

Markets are cyclical, and while it’s possible that these altcoins eventually make a comeback, time has shown that many industries don’t need a crypto token, and has since revealed that any projects designed to serve such purposes weren’t well thought through business proposals, and are completely unnecessary.

Most will never recover anywhere close to their all-time high prices, even though the marijuana industry is thriving and growing rapidly thanks to widespread legalization across the world, and an expanding acceptance as a recreational drug and medical treatment alternative.

Featured image from Pixabay



Source link

Related articles

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

January 21, 2021
DeFi on Cardano will enable users to earn yield on staked ADA

DeFi on Cardano will enable users to earn yield on staked ADA

January 21, 2021
Tags: AltcoinsClassRememberingSmoke
Share76Tweet47

Related Posts

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

by Cointelegraph By Rakesh Upadhyay
January 21, 2021
0

Cointelegraph By Rakesh Upadhyay Bitcoin (BTC) price tumbled more than 10% today to hit a low near $31,000 and at...

DeFi on Cardano will enable users to earn yield on staked ADA

DeFi on Cardano will enable users to earn yield on staked ADA

by Priyeshu Garg
January 21, 2021
0

Priyeshu Garg Once Cardano’s Goguen era is launched, users will be able to earn additional yield on their ADA without...

Take ‘my’ Bitcoin whitepaper down or face lawsuit

Take ‘my’ Bitcoin whitepaper down or face lawsuit

by Cointelegraph By Greg Thomson
January 21, 2021
0

Cointelegraph By Greg Thomson Craig Wright, the Australian computer scientist who claims to be Bitcoin inventor Satoshi Nakamoto, has threatened...

Bitcoin Option Traders Hedge Against Downside Risk as Price Dips to Near $32K

Bitcoin Option Traders Hedge Against Downside Risk as Price Dips to Near $32K

by Omkar Godbole
January 21, 2021
0

Omkar Godbole Amid another price downturn Thursday, bitcoin options traders appear to be becoming less bullish on the immediate prospects...

Despite initial pains, here’s why conditions are favorable for DeFi

Despite initial pains, here’s why conditions are favorable for DeFi

by Shane Neagle
January 20, 2021
0

Shane Neagle With its record-breaking bull run, Bitcoin stole the public spotlight from the equally explosive DeFi. To be sure,...

Load More
  • Trending
  • Comments
  • Latest

US Commodities Regulator Beefs Up Bitcoin Futures Review

December 9, 2020

Proposal seeks to overhaul Aave’s $375 million Safety Module

January 10, 2021
Hodler’s Digest, Dec. 27–Jan. 2

Hodler’s Digest, Dec. 27–Jan. 2

January 2, 2021
Here’s why stablecoins like USDC going ‘legal’ is bullish for DeFi

Here’s why stablecoins like USDC going ‘legal’ is bullish for DeFi

January 6, 2021
Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

0
Russia’s Richest Man is Launching His Own Crypto Token

Russia’s Richest Man is Launching His Own Crypto Token

0
FinCEN Rehires Chainalysis Exec to ‘Confront Emerging Threats’

FinCEN Rehires Chainalysis Exec to ‘Confront Emerging Threats’

0
Is the Bitcoin Network Becoming Unsustainable?

Is the Bitcoin Network Becoming Unsustainable?

0
Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

January 21, 2021
DeFi on Cardano will enable users to earn yield on staked ADA

DeFi on Cardano will enable users to earn yield on staked ADA

January 21, 2021
Take ‘my’ Bitcoin whitepaper down or face lawsuit

Take ‘my’ Bitcoin whitepaper down or face lawsuit

January 21, 2021
Bitcoin Option Traders Hedge Against Downside Risk as Price Dips to Near $32K

Bitcoin Option Traders Hedge Against Downside Risk as Price Dips to Near $32K

January 21, 2021
  • Exchange
  • About
  • FAQ
  • Contact Us

Copyright © 2020 SoftNOC LLC exclusively for CoindeskHUB.com & Exchange.CoindeskHUB.com

No Result
View All Result
  • Home
  • Exchange
  • Market
  • News
    • Bitcoin
    • Ethereum
    • Regulation
    • Blockchain
    • Monero

© 2020 CoindeskHUB created by .

Go to mobile version