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Why is MonaCoin pumping? Japanese cryptocurrency surges 85%

Altcoins

www.chepicap.com 31 May 2019 17:30, UTC
  
Reading time: ~2 m

The Japanese cryptocurrency project MonaCoin has seen an incredible surge on a day that the rest of the cryptocurrency market is tanking. $MONA almost tripled in price on Friday, jumping from $1.09 to $3.08.

Part of these gains were lost again in the last hour or two, but MonaCoin is currently still valued at $2.09, a 85% rise in the last 24 hours. This makes $MONA the 58th project in the top 100 of Coinmarketcap at the time of writing.

MONA/USD Chart provided by Tradingview

The reason why $MONA is pumping so hard is a listing on Japanese exchange CoinCheck, a regulated exchange that received a crypto exchange license for 12 months in Japan earlier this year, despite a hack of $530 million worth of cryptocurrency in 2018.

Most of the current $MONA volume, 85%, is on the Bitbank exchange in a pair with the Japanese Yen. MonaCoin is also listed on Upbit and Bittrex.

「Monacoin(MONA)」の取り扱い開始についてhttps://t.co/cbaIhkHDNj

— Coincheck(コインチェック) (@coincheckjp) May 31, 2019

MonaCoin is considered the DogeCoin of Japan, and is seen as the first official cryptocurrency of the country. Its logo features a Japanese cat that is a popular meme in Japan. MonaCoin is a hard fork of Litecoin.

MonaCoin gained popularity in Japan in August 2014 after a man bought a plot of land in the Nagano prefecture with the cryptocurrency. $MONA has been around since 2014.


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