Monero is on the rise this week as the hype builds over the soon-to-be-forked MoneroV – but will it take time?
When is Moonero?
In just a week, Monero (XMR) has seen its price jump more than 33%. Around this time last week, Monero was trading below $ 275 per token. Now a token costs $ 366 and is almost at an all-time high in a Bitcoin comparison.
Driving the price of Monero towards the moon is the upcoming hard fork in privacy-conscious cryptocurrency. On March 14th, Monero will welcome a new member to his stepfamily – MoneroV.
At the time of the fork, Monero holders will receive free 1:10 MoneroV tokens. This means that for every 1 Monero token someone owns, they will receive 10 MoneroV tokens.
Of course, everyone likes free tokens, and the appeal of free money has led many investors to the ninth largest cryptocurrency by market cap – but is it too late to buy in?
rise and fall
Traders who are simply buying Monero for free tokens should be aware of the pre-fork pump-and-dump that usually takes place before these more mundane events.
Indeed, Ethereum Classic (ETC) is for you. A number of newly created Callisto tokens are planned for March 5th.
ETC tokens traded at nearly $ 0.44 on February 20 as speculators pushed the price higher to take advantage of the pre-airdrop hype. Since then, ETC’s price has fallen to nearly $ 0.29 as savvy investors cashed out their winnings – and the air drop hasn’t even happened.
In short, those who only bought ETC for the “free money” offered by receiving Callisto tokens may still be at a loss after the air drop appeared.
Still, not all forks are created equal, and the benefits of free MoneroV tokens can outweigh the risk of the bag remaining in your hand. (As always, do your own research!)
What is MoneroV anyway?
Monero already has a reputation for being one of the most attractive coins for private individuals – so why the fork?
According to the MoneroV website, there are really only a few differences:
Among other things, MoneroV has a limited supply of coins while Monero’s coin supply is infinite, and MoneroV will implement new protocols that will solve the scaling problems that Monero and other cryptocurrencies like Bitcoin are facing.
Forks don’t always go well with the core cryptocurrency community, as evidenced by the rather one-sided civil war that has waged Bitcoin since Bitcoin Cash (BCH) – also known as BCASH.
Whether or not MoneroV will play well with Monero remains to be seen.
Is it too late for investors to buy into Monero before the hard fork? Will MoneroV Find Acceptance In The Crypto Community? Let us know what you think in the comments below.
Images courtesy of Ethereum Classic, CoinMarketCap, Shutterstock