The McAfee Syndrome
The cryptocurrencies have been hit by what we are calling as ‘The McAfee Syndrome’. Confused? Let us explain in more detail.
What is ‘The McAfee Syndrome’?
If you have been vigilant this past week, you might have seen some big rallies in the not so popular cryptocurrencies causing their prices to become 2-3x within a few hours. The currencies which have been affected so far are Electroneum, BURST, DigiByte, ReddCoin, Humaniq and Tron.
The reason for this sudden jump in prices is attributed to the online coverage by John McAfee, the founder of McAfee Associates, a computer anti-virus company. Since last few days, John has been tweeting about new coins posting details about the benefits and the potential value they hold.
His first post was about Electroneum (ETN):
ELECTRONEUM – The first of my daily coin reports: pic.twitter.com/sKf9WNirot
— John McAfee (@officialmcafee) December 21, 2017
Electroneum has had a dream run so far with regards to its price, which shot up to nearly 10 times the ICO price. ETN boasts of a future with smartphone mining and a wallet in every pocket. However, the journey so far has not been smooth. There were reports of wallets getting hacked, re-launch owing to the drop in credibility and huge pump and dump cycle after the release of ICO tokens. The ETN has a long way to go, but a wide fan base definitely promises that this currency is here to stay for a longer time. McAfee feels that ETN is available at a seriously cheap price today, but time will tell how it will pan out.
The next currency is BURST, which rose by over 300% right after McAfee’s tweet:
Coin of the day: BURST — First truly Green coin and most overlooked coin. Uses 400 times less power than Bitcoin. Super secure and private. Includes smart contracts, encrypted messaging, decentralized wallet, libertine blockchain. Most undervalued coin. https://t.co/vOJOtNYLXp
— John McAfee (@officialmcafee) December 22, 2017
It was followed by DigiByte:
Coin of the day: Digibyte (DGB). Using a Blockchain which is 40 times faster than Bitcoin and having one of the most decentralized mining systems in the world – based on 5 different synergistic algorithms. DGB adherents call the coin “The Sleeping Giant”.https://t.co/7MiWJ2tFfe
— John McAfee (@officialmcafee) December 23, 2017
The next pick from McAfee was a coin which has been there since 2014 but has been mostly inactive – ReddCoin (RDD). However, minutes after John’s tweet the coin’s price got transported into a new valuation category altogether aggregating the total weekly gains for the coin to over 600%.
Coin of the day: Reddcoin (RDD) – a sleeper – most widely used social network coin in the world – flying under the radar since 2014. Working with every Social Media platform, it is the only currency that many children under the age of 10 have ever known. https://t.co/ZN3jehwXp7
— John McAfee (@officialmcafee) December 24, 2017
The recent two choices have come in as Humaniq and Tron:
Coin of the day: Humaniq (HMQ). In the spirit of Christmas, there is no better coin. Their mission is true to the very purpose of crypto – to endow the disenfranchised. HMQ, an overlooked gem, is, in my opinion, the most undervalued coin in existence. https://t.co/1z3mGUk274
— John McAfee (@officialmcafee) December 25, 2017
Coin Of The Day: pic.twitter.com/WSTXaha1Nk
— John McAfee (@officialmcafee) December 26, 2017
However, the prices of these 2 coins have not seen a remarkable rise compared to their predecessors.
McAfee also mentioned that he will be changing the cycle of announcements to weekly in contrast to daily amidst heavy pressure from crypto adherents, exchanges, and developers:
Due to heavy pressure from crypto adherents, exchanges, developers and every other corner of the earth (and God himself chastised me in my dreams last night), the “Coin of the day” will become “Coin of the week” starting immediately. You can look for it every Monday morning.
— John McAfee (@officialmcafee) December 26, 2017
We will be waiting to read his next recommendation on Monday. If you are following him and traded in any of these currencies so far, feel free to share your experience with us @InstaCoinNews.
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