Sky Coin (SKY) is the latest asset that boomed after being added to the Binance exchange. Right after the news, the coin was one of the few remaining in the green as the entire market slumped.
https://twitter.com/binance/status/999227951198617601
After the news, SKY appreciated rapidly, though volumes did not surpass previous record levels. SKY added more than 37% to its price, reaching $34.77, still potentially launching to peak prices above $45. SKY has been appreciating gradually in the past two months, starting from March lows around $9.
!SKY!
With a relatively low supply of 25 million coins, it is no wonder SKY jumped to that price range even before its testnet launch. And with more robust volumes on Binance, SKY may chart an entirely different path. Until now, SKY relied on niche exchanges, including Cryptopia, for very low volume trading.
https://twitter.com/Skycoinproject/status/998926455840141313
For now, SKY will not be traded against Tether (USDT), instead setting its price by proxy through Bitcoin, Ethereum, and Binance Coin (BNB).
SkyCoin is a unique project for having a proprietary piece of hardware, the SkyWire miner. The device is actually not a rig, but similar to hardware for running a node. Yet the SKY asset will not be mined - all the coins are already created.
This has caused accusations of a scam trying to push hardware onto buyers. For now, SkyCoin is considered legitimate, but its network is yet to be built as the Skywire device is being shipped.The Skywire devices were purchased for 1 BTC sent to the company, for which the customer received the device itself, plus a reimbursement of 99% of the BTC value denominated in SKY.
Time will tell if SKY successfully builds its network, but for now, speculative price appreciation is in the works. Binance has listed the coin, but this is in no way a guarantee for the project’s credibility - in the past, Binance also listed and promoted Centra (CTR), where the founders tried to pull an exit scam.
This article appeared first on Cryptovest
