(Nicolas) CageCoin - He'll Take Any Script, Why Not Any Payment? - Another Example of Market Cap Lunacy After 1018% Gain Last Week
Often, it's important for humans to transact in the safest, securest, and most widely accepted medium of exchange.
Cagecoin's logo manages to fairly recreate the source material, while also looking appropriately cheap.
Cagecoin's website serves as one of the most concise white-papers I've ever seen. It's also got a few fairly solid features like 60s block times and difficulty retarget every block.
By the way, they are not joking around with that "True Believer Test" in the top right of that last image:
Cagecoin caught my eye while I was updating my 538-entry spreadsheet covering every crypto-asset not tagged "LOW VOL" on Coinmarketcap.
The reason was simple. It had moved up over 1000% in the past 7 days.
Eager to see what kind of volume a meme-coin like this may have achieved to get it out of the "LOW VOL" warnings on CoinMarketCap, I investigated further.
I determined that the all-time high volume of Cagecoin traded in a single day was $63,429.
This makes Cagecoin a great example of just how ridiculous the market caps really are on CoinMarketCap. Cagecoin is listed at over $1.6 million, but I suspect the real market cap is anywhere from $2500-$9000, making CMC's an overestimate of roughly 278 times.
Remember, folks, the market cap number is pretty much nonsense. Even on the largest coins, it's an illusion. A large buy or sell can wipe the order book and destroy or create 99% of market cap in an instant.
Sources: http://cagecoin.net, Complex.com, Google, CoinMarketCap, Cointelegraph, RottenTomatoes, KnowYourMeme
Copyright: Vampire's Kiss, Left Behind
Thanks, I had no idea that market caps can be misleading.
I'm glad to hear I'm not pointlessly repeating myself!
Yep, they are always overestimated, the degree merely depends on the coin. The larger the coin, the more realistic they are.
Very good to know 'cause I'm interested in cautiously starting to first time do some cryptos micro-trading.
careful, its a wild ride
Thank you for the warning! (hanging tight on the ride's handles)
what in the name of all that is holy is going on ??
Nicolas Cage really has a following with lovers of wacky, occasionally-B-movie acting.
This is why we don't have nice things.
It's been all downhill for him since The Rock.
Crazy days! This is just like the tech boom!
Fortunes will be made and lost!
hahaha
so Cage is rich~!
This was fuuny as fuck, i wonder how many of the top coins on CMC are out of order
So disappointing seriously :/
If you look at the long-term chart...it actually looks pretty good for hodlers!
I chuckled at this. Memes are Real
@originalworks
@OriginalWorks Mention Bot activated by @lexiconical. The @OriginalWorks bot has determined this post by @lexiconical to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
For more information, Click Here!