Coronavirus has had a negative impact on all markets, Bitcoin and the rest of the cryptocurrencies are no exception. In general they have collapsed after Black Monday for traditional financial markets. But how has the controversial cryptocurrency CoronaCoin behaved?
A group of developers until recently unknown, taking advantage of the crisis currently being experienced with the Coronavirus, decided to launch the CoronaCoin (nCoV) into the world, backed by the COVID-19 virus itself.
This crypto calls itself “the first in the world that is backed by death“.
A relevant aspect is that the number of tokens decreases as more people die. However, even if its supply decreases every two days depending on the rate of new cases, it does not mean that its price will increase as the virus causes more deaths.
In his defense, Sunny Kemp, a user who identified himself as one of the developers of nCoV, said that “There are currently active pandemic bonds issued by the World Health Organization. How is that different?“.
How has the price of CoronaCoin (nCoV) behaved?
Despite being the Coronavirus cryptocurrency, it was not exempt from the dramatic drop in markets generated by the terrible virus. In fact, the price of nCoV has fallen 35% in the last 24 hours.
The maximum level reached by the price of the cryptocurrency was $ 0.022 USD on February 26, accumulating a fall of 2.122% until today, quoting approximately at $ 0.00099. In this way, the CoronaCoin is in a bad moment.
Meanwhile, the number of virus infections does not seem to slow down in the world, with approximately 4,012 deaths. In fact, yesterday Italy extended its quarantine measures to the accelerated spread.
The World Health Organization (WHO) also warned that the threat of a pandemic is very latent.
What do the experts think?
Recently an investigation by Decrypt discovered that Saturn Network does not meet the common standards and, more specifically, recommended to the crypto market not to use the controversial cryptocurrency.
In fact, the investigation found that there is not much liquidity in the market, given that less than one million people are exchanging the CoronaCoin.
The reaction of the people through the networks has been in general repudiating the CoronaToken and its objective. They consider it insensitive since it is supported by the terrible deaths of people.
However, the developer group says they will donate 20% of CoronaToken’s total offer to the Red Cross. Will this be enough to gain public acceptance?