The McAfee Effect: Picking Up ReddCoin
ReddCoin, an under-the-radar digital asset for social media, is making a comeback after the daily McAfee tweet.
ReddCoin (RDD), which was almost inactive until a few days ago, picked up volume, and this weekend was one of the McAfee coin selections. The daily tweet recommendation continued the rising trend for RDD, making up weekly gains of over 650%.
ReddCoin has been around since 2014, with an almost flat price in hindsight, but picking up after May 2017. Currently, the coin has also recovered against Bitcoin, reaching an all-time high.
The almost vertical rise took RDD to another price range, much like Verge (XVG) climbing from below-penny prices to $0.24.
Coin of the day: Reddcoin (RDD) - a sleeper - most widely used social network coin in the world - flying under the radar since 2014. Working with every Social Media platform, it is the only currency that many children under the age of 10 have ever known. https://t.co/ZN3jehwXp7— John McAfee (@officialmcafee) December 24, 2017
The coin is extremely agile and suitable for small transactions, tip bots and other types of social media use. It has transformed to a proof-of-stake-velocity coin, abandoning PoW mining for a more energy-efficient network of transactions.
In the case of ReddCoin, the pickup in price may continue in the next few days, as the coin is more accessible compared to Electroneum (ETN), which is only traded on Cryptopia, an almost niche exchange, and the effect of McAfee's recommendation was negligent.
Unfortunately, purchasing ReddCoin through PayPal has been disabled. But ReddCoin is available through Shapeshift for an anonymous exchange.
The Future of ReddCoin
ReddCoin has not released updates, its growth has been a mix of speculation and the general rising popularity of crypto assets. But a further outreach and usage in social media may increase the asset's value. ReddCoin may continue to be an asset for payments:
#ReddCoin has partnered with Local World Forwarders (@lwf_ico), the first decentralized #logistics platform in the world based on #blockchain technology. #RDD is now accepted in the $LWF #ICO and will be integrated into the #LWF P2P delivery platform. https://t.co/3gTv03ybQV pic.twitter.com/oysLvgWx4p— Reddcoin (@reddcoin) December 20, 2017
The coin has room for growth, as its market cap is around $580 million- other recently promoted coins have broken through the barrier of $1 billion in market cap, a previously unthinkable proposition. As most of the trading happens on Bittrex and against BTC, some price correction may be seen if BTC picks up again. But in the longer run, RDD has a positive outlook to break out and keep the new prices, as it grows into more prominence.