Why is MonaCoin pumping? Japanese cryptocurrency surges 85%

31 May, 2019 | Updated: 31 May, 2019
by Jelmer van der Dussen
Price Action
Why is MonaCoin pumping? Japanese cryptocurrency surges 85%

The Japanese cryptocurrency project MonaCoin has seen an incredible surge on a day that the rest of the cryptocurrency market is tanking. $MONA almost tripled in price on Friday, jumping from $1.09 to $3.08.

Part of these gains were lost again in the last hour or two, but MonaCoin is currently still valued at $2.09, a 85% rise in the last 24 hours. This makes $MONA the 58th project in the top 100 of Coinmarketcap at the time of writing.

MONA/USD Chart provided by Tradingview

The reason why $MONA is pumping so hard is a listing on Japanese exchange CoinCheck, a regulated exchange that received a crypto exchange license for 12 months in Japan earlier this year, despite a hack of $530 million worth of cryptocurrency in 2018.

Most of the current $MONA volume, 85%, is on the Bitbank exchange in a pair with the Japanese Yen. MonaCoin is also listed on Upbit and Bittrex.

MonaCoin is considered the DogeCoin of Japan, and is seen as the first official cryptocurrency of the country. Its logo features a Japanese cat that is a popular meme in Japan. MonaCoin is a hard fork of Litecoin.

MonaCoin gained popularity in Japan in August 2014 after a man bought a plot of land in the Nagano prefecture with the cryptocurrency. $MONA has been around since 2014.

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