Po.Et (POE) was one of the rapidly appreciating digital assets in the past day, doubling in value before sliding back again. But the increased activity is yet to show whether the event was a temporary pump, or a return of interest in the POE digital asset.
POE doubled its price from $0.01 to $0.02 overnight, reaching a brief peak at $0.03. The most probable reason is outright speculation, as POE is mostly traded against Bitcoin, with almost all trades concentrated on Binance.
For now, PO.ET is a project running mostly on promises, and its mainnet launch is still a work in progress. The project will deal with publishing and establish a crypto-based reward structure. A similar structure has been proposed for projects like Steemit. PO.ET also offers a chance for content to be searchable, but also copyright-protected. In that way, it is similar to the intended Kodak ICO, which focused on copyright protection for photographic creations.
POE is yet another example that the bear market cannot wipe out short-term gains, and that pumps and irrational trades continue to happen, though on a smaller scale. POE is still a relatively depressed asset, down from a peak above $0.20, and at once cent, with a significant chance of pushing off the rock bottom.
A similar event happened earlier to SelfKey (KEY), an asset newly added to Binance, with a similar trading profile to POE. KEY pumped from $0.0060 to $0.03, and back down to once cent, most probably on bot activity after the recent listing.