Dentacoin (DCN) just lost 65% of its value in less than twelve hours as a flash sale rocked the dentistry-focused altcoin.
No negative news came out of Dentacoin HQ at all in recent weeks, which leaves open the distinct possibility that the selloff was triggered by either manipulation, or perhaps more worryingly, general market apathy surrounding the ETH-based token in the midst of the crypto winter.
Dentacoin Price Plummets
In the previous twenty-four hour period the dollar value of Dentacoin’s DCN token fell from a daily peak of $0.00000072… all the way down to $0.00000025. That’s a 65.27% drop within the space of just under twelve hours, with the trough of the dip landing on Friday afternoon.
Losses against BTC were roughly equal as DCN fell from a value of 2 satoshis down to the negative decimal notation of 7.017e-9, or the equivalent of 0.000000007017 sats. Losses against ETH were similarly comparable.
Over 98% of daily trades were split between the LAToken and HitBTC exchanges, where ETH trades were the most abundant. Over 68% of the daily changeover went through Ethereum, with Bitcoin accounting for less than 30%.
Daily DCN volume just struck a 9-month high of $1 million – a sum not witnessed since May of 2018. That’s a 16,556% increase from the $6,000 volume recorded just days ago, and may lend credence to the manipulation theory.
As a quick refresher: Dentacoin was set up to process payments for the dentistry industry. From the Bitcointalk forum announcement from June, 2017:
“This one-of-a-kind business model uses the current state of the existing industry and introduces solutions to specific problems. The mission of Dentacoin is to improve dental care and make it accessible for everyone worldwide.”
That forum thread has only received a handful of comments in the past month or so, and developers contribute rarely if at all. A check of the Etherscan page for DCN reveals a token with 42,496 on-chain addresses – a lot more than the average shitcoin.
The token’s distribution isn’t as bad as many out there – only one user has more than 7% of the total, while it takes the top 10 holders to make up 50% of the total. (Compare that to most small-cap alts, and it’s night and day).
Crypto Winter Claims Another?
Maybe DCN’s total token supply of almost two trillion made it unlikely to accumulate any real value. That’s without casting any judgement on its use-case, which drew derision from the very start.
By time of publication the value of DCN had returned to 1 satoshi, and a dollar value of $0.00000035, marking a 40% increase since the afternoon’s price trough. That leaves DCN on 52% losses for the day instead of the aforementioned 65%.
Like NEM (XEM) from the day before, Dentacoin hasn’t quite succumbed to the crypto winter just yet, but today’s fall leaves it with a few loose teeth. Watch this space.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.