ambcrypto.com
Alibabacoin [ABBC] once again saw a massive price rise after shooting up by over 70 percent, even as the collective market cap only grew marginally to $134 billion. At press time, the coin’s market cap had risen by over 95.66 percent since the beginning of the week, with no signs of weakening.
A similar movement was recorded by Alibabacoin a week ago, when the coin pumped by over 100 percent on February 28 to trade at $0.30.
The coin was in fact trading at a mere $0.0623 at the beginning of February. It began to surge in two cycles over February, with the two price surges recorded on February 18 and February 22. These rises preceded the present rise the coin was witnessing. At press time, the coin’s price had dipped slightly to $0.62, but correction signs had not manifested yet.
The coin broke the $100 million market cap mark for the first time during the previous bullish swing and closed at a high of $126.01 million. After hovering around the $120 billion mark for five days, the present price surge pushed the market cap even further.
Despite a suspected “pump and dump,” the coin’s price and market cap did not immediately plummet, remaining steady. In fact, the coin breached the $175 million mark in less than 24 hours over March 5. At press time, the market cap of ABBC stood at $246 million.
Source: CoinMarketCap
Despite the periodical surges, the cryptocurrency community does not place a great deal of trust in Alibabacoin. A roadmap of the Dubai-based company ABBC Foundation, predicted the coin’s price in 2019 to reach $150 by the second quarter of the year i.e. a 24,000 percent rise. The roadmap also pegged the market cap at $140 billion by the fourth quarter, much greater than the current market cap of the entire market.
Redditors did not mince their words regarding the coin, with one saying,
“What in the hell? I’ve been in crypto scene about 18 months now and this is honestly the most stupid thing, i’ve seen at that time. How the f*ck this shit have even 150mil market cap? People really are so fucking retarded it is truly amazing me.”
Some even questioned the legality of stating the perceived market cap and price of a coin,
“I didn’t even know it was legal to say things like this…”
Another redditor summed up the ABBC experience, stating,
“August 2018: ABBC reaches $50
March 2019: ABBC reaches $0.36
They appear to be slightly off their roadmap.”