KickCoin Slides its Momentary Position as a top 100 Cryptocurrency
Extended bear markets, like the one endured for the better part of 2018, can often time be characterized as slow and dull. Long, drawn out bleeds across markets with little variation. However, one coin which has shown excitement despite this trend is KickCoin, whose latest events have been surprising, to say the least.
KickCoin (KICK) is the native currency behind the KICKICO platform, an ecosystem for crowdfunding via the ICO model. While many coins have continued to dwindle, the story for KICK has been quite different. The token entered July trading near all-time lows at US$0.035 and a market cap of $18 million, and as of now, is currently valued at $0.12 per coin with a market cap of over $63 million, a 3.5x growth in just a month. This is down somewhat from highs of $0.16 on August 2, when KICK emerged as a member of the top 100 on Coinmarketcap.com for the first time in its history.
However, the niche which KICK operates within does not explain this surge. The ICO model has seen dwindling activity, as July represented the month with lowest ICO funding since June of 2017. So how, then, did KICK gain therefore much with these overarching themes suggesting otherwise? In the beginning of July, KICK began to see buy pressure because of rumors about insider trading in regards to upcoming information. A leaked whitepaper and suspicious work listings led speculators to get the rumor, potentially together with insiders who also anticipated positive movements soon.
The team had quite an unconventional response, explaining that a community-driven project such as KickCoin has no “insiders” and thus all knowledge is public knowledge. The response continued with details confirming the rumors. A major project, U.Community, is being incubated by KICKICO investors. U.Comminuty will represent a blockchain protocol upon the UOS blockchain that will allow users to capitalize their reputation through participation in a “social capital ledger”.
The substantiation of these rumors accelerated the positive trends. Shortly following, information of an airdrop for U.Community’s UOS token to KICK holders further urged speculators to build their holdings. It is estimated that US$40 million worth of UOS will be airdropped to KICK holders who sign up for the white list. While these events are certainly significant, a separate actuality seemed to have had the biggest effect on KICK’s price. Amazingly, swift reaction from the team has mitigated the token from seeing serious price movements in regarding the initial hack. Last week, hackers breached the KICKICO smart contract to steal close to US$8 million in KICK from holders throughout the community.
Using the method utilized by the hackers, the KickCoin group was able to invert all theft and return the millions in KICK to original owners. The exploit was then patched to ensure it will not happen again. The hackers were not able to use the stolen funds and holders have been ensured that 100% of stolen tokens will be replaced.
The response to the hack, likely in synergy with other recent news, saw a significant surge in KICK upon the ongoing price appreciation. The token rose 45% in price for its momentary position as a top 100 cryptocurrency by market cap. Since its peak, the coin has partially retraced, down about 25% from the high. The date for the UOS airdrop hasn’t yet been revealed, and its possible that this announcement could similarly have another huge effect on Kick Coin’s price. However, the trend recommend that, so long as news continues to unveil, speculators will continue to purchase.