Noah Coin (NOAH) Completes Spectacular Pump
After two days of thousand-percentage gains, NOAH is crashing dramatically as its token swap process remains uncertain.
Noah Coin (NOAH) was the one-day wonder of the current altcoin rally. Just as BTC sank toward $9,100, and altcoins started to correct, NOAH stopped its spectacular climb and started the inevitable crash.
NOAH rose out of nowhere and landed among the top 50 goins, with a four-digit percentage gains. It is rare to see a coin perform with 150-fold growth in a single day, but NOAH did just that.
But then suddenly, NOAH started losing its position. The coin climbed clear from $0.0004 to $0.0003, and is now on the decline. The spectacular pump, however, happened on a ridiculously low volume of $148,874. Just before the pump, volumes for this coin were just a few hundred dollars
NOAH is one of the examples of altcoins that were once active, but lost support and their volumes disappeared. NOAH saw almost no activity after the WazirX exchange delisted it at the beginning of September.
Now, a new exchange may have picked up the slack. More than 87% of NOAH volumes were noted on the ChainX exchange, where the price is at a premium. NOAH is on offer at $0.004310, a significant climb from the $0.000274 price that is still seen on the BTC-Alpha exchange. This is yet another example of how small-scale coins are extremely risky, and dependent on pumps to see their price move.
But the Noah Coin story is a bit more complicated. The asset is undergoing a token swap, in which a new blockchain will be launched, Noah.Platinum. The loss of trading activity may also be due to the token swap taking place in September. For now, users claim their new tokens have not yet arrived.
The project has not yet sent out an official announcement on when the new tokens would start trading. The recent pump may be related to the token swap.
Because the project was relatively small, NOAH did not partner with exchanges to complete the swap. Instead, users were urged to withdraw the coins and swap manually, with many left to pay significant fees for moving the coins.
NOAH traded at a peak value of $0.03 in April 2018, and at 423 Satoshi. Before reinventing itself, the coin had fallen to a rock-bottom price of 3 Satoshi.