![]() ![]() At one point, TV news even reported a real estate deal paid in MONA. Local media picked up the “like Bitcoin, but made in Japan” narrative in 2014, and it became part of the country’s post-Gox crypto mystique. Monacoin Still Big in Japanīut what is Monacoin? It first launched at the end of 2013, and picked up a lot of buzz with its cat emoji logo and online following on Japanese message boards like 2channel. Japanese exchange Zaif also trades MONA, though curiously altcoin-friendly Coincheck doesn’t. At the beginning of October it became the third exchange to obtain an operating license from Japan’s Financial Services Agency (FSA). It’s arguably also the most prominent public face of Bitcoin in Japan, thanks to a long-running TV ad and poster campaign. The platform also has trading in BTC and BCC, ETH and ETC, and LTC.īitFlyer is one of the oldest and most popular digital asset exchanges still operating in Japan. It will allow direct trading between JPY and MONA, without having to trade via BTC. Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates: īitFlyer sent out an email notification about the Monacoin addition to users on Wednesday morning Japan time. The homegrown altcoin has a low-key but devoted following in Japan’s mining and online gaming community.Īlso read: The Crypto Bar: What Is Bitcoin Cash? When we see this much money pour into an ordinarily-quiet market, we have to wonder at what stage of the run we’re truly in.ĭisclaimer: This article is intended for informational purposes only and should not be taken as investment advice.In a significant move for Japanese cryptocurrency patriotism, exchange bitFlyer has added Monacoin (MONA) trading to its platform. A mass adoption event has yet to take place, but it’s certainly far from impossible. It’s one of the only questions that matter. ![]() These issues will become increasingly important as interest builds in Bitcoin and other cryptocurrencies: Will those blockchains be able to withstand a massive influx of people? They also have the advantage of ample space and speed at confirmations. However, might Japanese crypto traders view it more like Litecoin? | Source: ShutterstockĬhains like Bitcoin Cash, Litecoin, Monacoin, and others have the perception of being cheaper and, therefore, less risky. Like Dogecoin, Monacoin is based on a meme. If people believe they can get some utility in a given altcoin, they’re likely enough to start using it as well as Bitcoin when they get started. While it’s not unusual to see a pump of this size in a single little-known and illiquid cryptocurrency, the bull run will only intensify this trend. The more exchanges it trades on, the better its price will have a chance to pump, as regular Monacoin traders take their time to adapt to the new world. If increased adoption in Japanese markets and interest from those traders pushes it higher, it’ll find its way onto more crypto exchanges. If one day of trading can bring it over $2, it may have a future. It’s a bit faster than Bitcoin, by design, as many cryptos are.Īs of the time of writing, Monacoin traded at $2.11 for a 24-hour gain of 89%, launching its market cap to $139 million. Functionally, it’s very similar to Bitcoin, with a mining network and proof-of-work security. In some respects, you can view it as a Japanese Litecoin. ![]() Monacoin previously pumped in April by around 40%. The Monacoin cryptocurrency rocketed more than 80%, driven by JPY traders. If Japanese investors continue to drive interest in Mona, more significant exchanges may want to get in on the action, especially Binance, which has risen to prominence through having a massive variety of tokens and cryptocurrencies. Mona trades on just one “major” exchange – Bittrex, whose MONA/BTC market showed more than $6 million over the 24 hours.Ī couple of months ago, a boy was arrested for stealing millions of yen worth of the crypto token. Over $140 million is reported as having changed hands in that market alone. The majority of its 24-hour volume took place on Bitbank in the yen market. Mona is not available on major exchanges like Coinbase or Binance. One bit of news driving the pump is the announcement that Mona will be trading on Japan’s Coincheck exchange. Japanese Crypto Traders Drive Demand for Monacoin The rally came even as the Bitcoin price struggled to regain momentum after a sizable sell-off. Previously, Monacoin’s price was closer to $1. The cat meme cryptocurrency surged more than 80% in just 24 hours, leaving it with a per-token value of more than $2. By CCN: Monacoin bills itself as Japan’s first cryptocurrency, and it’s gained significantly during the recent bull market activity. ![]()
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