Ah, the 1,000 Club – where 24 hour volume range between $0 and the price of a good pair of shoes. Where blockchains abandoned by their developers go to die. Where a 500% daily spike can be caused by a few hundred dollars worth of trades.
However, it’s not all doom and gloom. In our random trawling through the coins ranked 1000-1099, we’ve also uncovered some unlikely gems; although they’re few and far between amid a sea of joke-coins, scams and just plain old bad ideas.
With that said, let’s take a look at some of the coins which are languishing in the 1000 Club.
Cannation Coin #1010
Cannation is unlikely to remain in the 1010th spot for long as it continues to make good on its 49% gains over the last day. In the last 36 hours Cannation Coin jumped 280% – but this was a recovery from losses incurred earlier.
Cannation Coin joins the burgeoning ranks of ‘pot coins’, where the (sometimes vague) aim of the project is to promote and/or increase the profile of the legal cannabis market.
Cannation launched in May 2017 and grew steadily all the way up to January 14th when CNNC coins were priced at $0.39. However the subsequent crash carried on for the last six months to leave CNNC at a price of $0.01 – marking a 97.31% bloodletting for the once promising pot coin.
Cannation has a total 24 hour volume of $2,310 with 97% of that coming from CoinExchange. CNNC is also listed on YoBit and NovaExchange, while its listing on Cryptopia was brought to an end on June 7th.
The cannationcoin.com website is dead and doesn’t look to be coming back any time soon. The Bitcointalk forum thread is remarkably small for a coin launched over a year ago, but is still being occupied by a few enthusiasts.
Without casting aspersions: it would be easy to jump to the conclusion that Cannation Coin was a fugazi – a basically useless ICO launched in a weekend by some opportunistic money-makers. Such a coin probably wouldn’t take hold today, but in mid-2017 there was still room to grab people’s attention with a cannabis-focused altcoin.
The Carboncoin blockchain has been up and running since 2014, but besides a 600% spike in January the coin has failed to gain traction, recording typical daily trading volumes of a few hundred dollars.
The project aimed to create a sustainable and environmentally friendly approach to cryptocurrency mining by planting a tree for every set amount of CARBON coins mined.
For much of the coin’s lifetime it was priced at 1 satoshi. During January’s peak that price rose to 12 satoshi.
Control over the project has changed hands since launch, and some recent activity posted on Medium suggests the current developers are gearing up for another big push. A new ICO is being launched, with current CARBON holders being urged to hand their coins in for a new version of Carboncoin.
Many users on Bitcointalk have denounced this is a scam, with some claiming to have lost their coins to the scheme already.
Where Carboncoin goes from here remains to be seen, but a meagre 24 volume of $18 just a couple of days ago suggests that a huge marketing push would be needed to jumpstart a climb up the rankings.
The landing page of the PutinCoin website describes its function as being to serve as a tribute to both the President and the people of ‘…one of the largest and greatest country (sic) in the world: Russia!’.
The PutinCoin blockchain uses both PoW (Proof of Work) and PoS (Proof of Stake) in its confirmation algorithm, and promises the usual mix of fast transactions and low fees.
While January 2018 saw a strong performance by PutinCoin, its best performance actually came in 2017 when 1 PUT coin reached a price of $0.04. Indeed, 2017 was kind to PutinCoin in general, and PUT coins regularly recorded a price exponentially greater than its current price of $0.003.
PutinCoin disappeared off the map in 2018, and has a 24 hour volume of $300 at the time of writing. However, it has also managed to remain listed on numerous exchanges, including Cryptopia, Livecoin, CoinExchange, TradeSatoshi and Crex24.
As with many of these coins down in the low 1000’s, there is uncertainty as to whether or not PutinCoin is a scam. A lack of response by developers has led many to believe the project lacks authenticity, while there remain some forum members who vouch for coin’s future potential.
BiblePay # 1039
BiblePay is a Christian-oriented blockchain which donates 10% of its funds to charities and non-profit organizations. The project is sponsor to over 300 orphans on a monthly basis, and encodes the King James Bible in its transactions in what it terms a Proof-of-Bible (PoB) hash.
BiblePay is currently is something of a lull, having crashed around 50% since its recent high point on April 15th. One BBP coin is currently priced at $0.002703, which is 78% less than it was during the gold rush of January.
The BiblePay thread on Bitcointalk.org is still very active to this day. An enthusiastic group of volunteers continue to develop and refine the blockchain, and its economic rankings are ultimately not reflective of its overall popularity. The project only launched in November of 2017, and there’s still plenty of time for BiblePay to climb the market cap ladder.
What if I told you that one of the most expensive coins in the top 1628 cryptocurrencies was the coin ranked at number 1057 by market cap?
Because that’s the case for 42-Coin, which holds the unique virtue of only having 42 coins in circulation.
42-Coin debuted in January of 2014 at a price of $1,013,620. Popularity cooled on 42, and the value of the coin fell to a mere $38.41 by August 2016.
However 42 then got swept along by the growing market throughout 2017, and by January of 2018 had reached a unit value of $91,000.
Two-thirds of those gains have since been lost, but 42-Coin still ranks an overall third for the cryptocurrency with the highest face value. The title of most expensive cryptocurrency was previously held by 42-Coin, but it eventually lost out to Project-X and Bit20, which recorded token values of $2,530,660 and $1,702,440 respectively.
As the website landing page states:
“42 – the answer to life, the universe, and everything…”
If that isn’t enough to get your investment then I don’t know what is.
You’d be forgiven for thinking this was another of those ‘mine a coin – plant a tree’ platforms, but Woodcoin actually has a lot more going for it than just replanting the rainforest.
Woodcoin seeks to find the sweet-spot between inflation and stagnation by growing logarithmically (LOG). This means that mining rewards decrease at a set rate, and that coins mined right now will always be worth more than coins mined tomorrow.
Unlike Bitcoin and Litecoin who released half of their coin supply in the first 4 years, Woodcoin will release theirs over 200 years.
No pre-mine or ICO took place during Woodcoin’s launch. Its blockchain has been operating since way back in 2014, without any fork, interference, or influence in that time.
At the time of writing, Woodcoin’s 24 hour volume stands at $39. One LOG coin is worth $0.09 – which is almost half the level it achieved in April, and a four-fold decrease from January’s peak of $0.39.
The forum chatter is limited, and developers don’t show themselves very often. Don’t expect Woodcoin to sprout and grow any time soon.
Not many cryptocurrencies are specifically aimed at children, but that’s exactly what sets PiggyCoin apart from the competition.
The only trouble is that it doesn’t seem to have helped. PIGGY coins have halved in value since March, and the 24 hour trading volume has sunk to $402, from a respectable low-six figures recorded in January.
It’s not clear how much input the original developers still have in the project. The only posts on their blog in the last year relate to exchange delistings, with no news of upcoming developments being posted in a long time.
The idea behind PiggyCoin is novel, and we may eventually see some version of it succeed one day. PiggyCoin’s website and wallet is designed to educate children about sensible economics, while also introducing them to cryptocurrency. Several games exist on the website, mostly based around the eponymous Pig.
Regardless of its recent performance, PiggyCoin has still experienced a tremendous 600% growth since the time of its ICO, going from a coin price of $0.000129 up to its current value of $0.000967.
So there we have it – another handful of lurkers from the depths of the market capitalization charts. Whether this article inspires you to buy up some PutinCoin, or to simply never venture past the Top-100 ever again is entirely up to you.
Featured image courtesy of Shutterstock.