The McAfee Effect: ReddCoin And DigiByte Climbs Cautiously

ReddCoin, an under-the-radar digital asset for social media, is making a comeback after the daily McAfee tweet.

ReddCoin (RDD), which was almost inactive until a few days ago, picked up volume, and this weekend was one of the McAfee coin selections. The daily tweet recommendation continued the rising trend for RDD, making up weekly gains of over 650%.

ReddCoin has been around since 2014, with an almost flat price in hindsight, but picking up after May 2017. Currently, the coin has also recovered against Bitcoin, reaching an all-time high.



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The almost vertical rise took RDD to another price range, much like Verge (XVG) climbing from below-penny prices to $0.24.

The coin is extremely agile and suitable for small transactions, tip bots and other types of social media use. It has transformed to a proof-of-stake-velocity coin, abandoning PoW mining for a more energy-efficient network of transactions.


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In the case of ReddCoin, the pickup in price may continue in the next few days, as the coin is more accessible compared to Electroneum (ETN), which is only traded on Cryptopia, an almost niche exchange, and the effect of McAfee’s recommendation was negligent.

Unfortunately, purchasing ReddCoin through PayPal has been disabled. But ReddCoin is available through Shapeshift for an anonymous exchange.

The Future of ReddCoin

ReddCoin has not released updates, its growth has been a mix of speculation and the general rising popularity of crypto assets. But a further outreach and usage in social media may increase the asset’s value. ReddCoin may continue to be an asset for payments:

The coin has room for growth, as its market cap is around $580 million- other recently promoted coins have broken through the barrier of $1 billion in market cap, a previously unthinkable proposition. As most of the trading happens on Bittrex and against BTC, some price correction may be seen if BTC picks up again. But in the longer run, RDD has a positive outlook to break out and keep the new prices, as it grows into more prominence.

DigiByte was once seen as a scam, and the price rise after McAfee’s recommendation caused only a limited price spike.

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DigiByte (DGB) had only a limited benefit from the recommendation of John McAfee, with price growth incomparable to the meteoric rise of Verge (XVG). The digital asset has long been seen as a scam, and skepticism hampered trading a bit, despite the fast gains in the last days. DigiByte seems to have been chosen for its innovative approach  to securing the network by a mix of mining and staking. It seems John McAfee is fond of innovation, despite trying to become the king of Bitcoin mining, which still requires proof-of-work and uses up energy.

DigiByte had been growing for a while, but the call of McAfee made the prices truly spike in the last days:

DigiBytes, like ReddCoin (RDD) is one of the 2014 crop of digital assets, projects that have had years to accumulate a community and work on their technology. Now, the coin has received more visibility, but it has risen to similar heights in the past, only to correct deeply. DGB has not yet fully recovered its July peak against Bitcoin.


Read Also: Which cryptocurrency should you invest in? Litecoin, Ethereum, Ripple or other alt-coins


The trading of DigiBytes happens mostly on Bittrex, Poloniex and Cryptopia. This means a lot of speculation, and limited access for new potential buyers.

When it comes to daily coins, John McAfee has stated he is not shilling the assets, but merely outlining coins with revolutionary features. But the effect is an immediate pump in prices, and on assets that have wiped out most of their gains in previous upward runs.

The Future of DigiByte

DigiByte is not merely a payment protocol, but yet another ecosystem with an app layer, in addition to the core protocol layer and the digital asset layer. DigiByte is mined through five different algorithms, allowing for higher flexibility, security and decentralization.

DigiByte is also one of the few cryptocurrencies, along with DASH, to be added to the WIREX card. The coin is also available for cash, through LiteBit.eu, an European site allowing easy purchase by debit card.

But at the moment, platforms like Cardano (ADA), WAVES and Stellar (XLM) are competing for the same position- so it is up to the DigiByte team to present working products and attract apps, rather than rely on short-term trading pumps.

 

 

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