Mark Weaden
The cryptocurrency ARC Governance surges over a staggering 2,40,236.55% in just 24 hours
The ARC Governance (ARCx) token has seen a relatively small 24-hour trading volume of $264,815, yet managed to rise over 28,00,00% within a matter of hours. The price of ARCX went from a low of $0.34 to $9,991,70—which makes one of the most significant overnight price changes in recent crypto history.
Although the price of ARCx surged an unbelievable amount overnight, it then fell at a similar rate, cutting 90% of its gains and trading back down at $906.13. As of today, the price dropped down and is now hovering around $0.3.
Cryptocurrency price swings continue
Looking at the month of November alone, we saw the astonishing price rise of the Squid Game-based coin SQUID, which was then followed up by the news that the coin was a scam. While that ended badly, there are other legitimate coins that have experienced a similar surge in price, the likes of KokoSwap and Ethereum Meta.
For obvious reasons, unprecedented price swings in the crypto markets are highly desirable. It does not do a lot for the reputation of volatile crypto-based trading, but it does mean that many investors could lose out on funds as they hunt for the next coin like ARC Governance.
With Bitcoin’s price falling, investors are looking for other markets as a way to make money. These kinds of rapid price increases offer investors the opportunity to make vast amounts of profits in a short space of time. These investments essentially represent gambling on the market, opposed to the more stable investments like Ethereum (ETH) and Bitcoin (BTC).
What is ARCx?
ARCx is a coin that is used as a governance mechanism to align incentives between various stakeholders within the ecosystem to promote sustainable growth. The token is a decentralized scoring protocol that powers on-chain identity through the issuance of a DeFi Passport.
The element in the DeFi Passport is an on-chain credit score. This initial score is issued to an identity based on an assessment of the address on-chain activity. At present, owners of the ARCx token will be able to vote on expenditure from the treasury.
It will be interesting to monitor the price of ARC Governance to see if this price surge was a one-off, or if there is some real value in this blockchain.
