In what is one of the more bizarre stories one would ever find in the cryptocurrency market, Potcoin (POT) has gained over 25 percent in the last 24 hours. The cryptocurrency which is currently ranked 300th according to CoinMarketCap seems to be soaring on the back of endorsements from NBA legend Dennis Rodman.
Potcoin to the Moon?
According to CoinMarketCap, the price of POT spiked in the last 24 hours. At the time of writing this article, the price is up by 25 percent. It began the day’s trading at $0.09 and is currently almost pushing $0.10. This price spike is despite the current troubles facing the more illustrious coins in the market. The highest ever recorded POT price was $0.43 in early December 2017. However, the legal marijuana-focused altcoin soon felt the heat of the massive correction that characterized the cryptocurrency market at the start of 2018.
The Trump – Kim – Rodman Trifecta
As it turns out, most of the current Potcoin pump is due to Rodman’s public endorsement of the altcoin. Arriving in Singapore, Rodman wore a shirt emblazoned with the cryptocurrency’s logo as well as a message of peace. The former NBA star even tweeted about his visit to Singapore, “to support both of his friends.”
Rodman has close ties with both U.S. President, Donald Trump, and North Korean leader, Kim Jong-un. The two are meeting in Singapore in a historic summit after months of back-channel negotiations. Rodman while not being involved in the peace talks in any capacity said that he was willing his relationship with both parties to achieve a fruitful summit.
The association between Potcoin and Rodman can be traced to 2017 when the former NBA star became a spokesperson for the brand. Potcoin even sponsored Rodman’s 2017 trip to North Korea to meet with Kim Jong-un. During his visit, Rodman made sure to wear Potcoin merchandise.
The price surge in POT is most likely a direct consequence of Rodman’s advertising. The cryptocurrency market is known for being responsive to even the slightest nudges whether positively or negatively. Some have also remarked that the recent POT pump shows how “odd” the market can be.
Potcoin is a cannabis-focused cryptocurrency created in 2014. POT is designed as a banking solution for the global legal cannabis market. The digital currency aims to facilitate instant transactions in the global legal marijuana ecosystem. POT currently has a market cap of $21.6 million.
It isn’t the only marijuana-focused cryptocurrency in the market – there is also Dopecoin and Cannabiscoin which virtually cater to the same business niche. In a recent Weiss rating report, Potcoin was identified as one of the cryptocurrencies to avoid.
What are your views on the recent Potcoin price surge? Is there any substance to Potcoin or is it a meaningless project? Keep the conversation going in the comment section below.
Image courtesy of Potcoin, CoinMarketCap, and Twitter (@dennisrodman).