Ignis (IGNIS) broke out by marking a 75% hourly gain, going as high as $0.19 before sliding back slightly to 15 cents. The move is quite strange, given that IGNIS has been hovering between 7 and 9 cents for months, on depressed volumes.
IGNIS was a high-profile ICO that used a preliminary Jelurida token before distributing the IGNIS digital asset. This ICO wreaked havoc in the ecosystem of related tokens, seeing Ardor (ARDR) go through a boom and bust, as well as the Nxt (NXT) token. While promising, the IGNIS digital asset turned out to be counter-intuitive and useful for little more than speculation.
!IGNIS!
IGNIS sees most of its activity on Bittrex. Some investors believe the asset is promising in the long term, yet the Ardor ecosystem seems too counter-intuitive and complex. IGNIS, ARDR and NXT are tokens related to the Komodo (KMD) and SuperNet (UNITY) projects, which promise a unique approach to decentralization and blockchain building. However, all of the tokens have shown relative weakness after periods of being overhyped, and in the past months have fallen away from the spotlight.
https://twitter.com/IGNISguide/status/991246074936471552
The IGNIS project may be coming to life, as many post-ICO tokens tend to drift sideways for months. The launch of IGNIS also coincided with the peak in the crypto market, and the months following saw all assets wipe out value. But now, the renewed search for sleeping, underpriced assets may cause IGNIS to make up for lost time.
Yet the current event may be nothing more than a short-term pump, as the project has a long way to go before adoption and usage on the Ardor ecosystem. At this point, IGNIS remains a speculative token, which despite the relatively low price may lead to losses.
The other explanation would be the recently added Korean won trading on Upbit, which has caused speculative trading to flow into the asset after months of inactivity.
At the same time, ARDR prices remain depressed, at $0.38, though with slight signs of recovery.
This article appeared first on Cryptovest
