When I saw Earthcoin got listed on the coinwarz and ranked 1st yesterday, I sold my coins immediately. The high ranking in coinwarz only attracts more miners and increases the supply of Earthcoin. I am not surprised that the price has dropped so hard.
How can the supply increases when the diff retargets every 1mn ? It doesn't.
The only thing coinwarz is doing, is attracting more miners which will auto sell, mainly via multipools.
But as underlined by someone else earlier in this thread, only 1/6th of the daily volume corresponds to new coins created.
So the drop in price is due to either market manipulation, or simply lack of faith in the short-term value of the coin.
But, the whole altcoin scene is quite in shamble at the moment, with many coins, even multiple months old ones, dropping like never before (FST/SXC/FLO for example).
There's probably multiple factors to explain this :
- bitcoin has a clear tendency to go up, so everyone prefer to invest in it.
- every altcoins were in hype since the DOGE unexpected and extraordinary increase. Network hashrate was > 30GH/s not so long ago. This is unprecedented.
- after this, and since then, we have 10 new alt coins per day, with very bad average quality (not speaking about EAC). Everybody participated at the beginning, but now everyone has understood that those coins are only pnd schemes with no future. This has influenced the whole altcoin scene faith.
- the arrival of so many altcoins also scattered the hashrate and investors on a lot of different coins.
So what's surely gonna happen is the continuation of the altcoin scene crash, with many guys still trying to pnd, but with every miners trying to dump their new instamine coins as soon as it hits the first exchange, even if it's a new one without any feature.
Some alt coins will have a better success than others, but all will continue to crash.
But after a few months, when we will not have 10 new coins per day because every one of them will be worth 0, there will be a few survivors, that may potentially catch up to litecoin.
If the team keep their promises and agenda, I think EAC will be one of them.
