Groestlcoin has pumped 183% in the past 24 hours, according to data from coinpaprika.com.
The pump started shortly after Groestlcoin (GRS) announced it was releasing a debit card facilitated by PolisPay and backed by MasterCard.
GRS launched back in 2014 and claims to be one of the first projects to implement Segregated Witness (SegWit). It also claims to be one of the first projects to perform a Lightning Network transaction.
GRS announced on Monday: “First debit card for Groestlcoin $GRS is here! And is backed by MasterCard®!”
Reportedly, the move will allow consumers to spend GRS in any shop that accepts MasterCard debit card transactions. Consumers will also be able to withdraw cash at any MasterCard-compatible ATM.
First Debit Card for Groestlcoin $GRS is here! And is backed by MasterCard®!https://t.co/nin6n1qSIh
» Use it in any retail/online shop that accepts MasterCard debit cards.
» Withdraw cash at any MasterCard-compatible ATM.We want to thank @PolisPayApp for making this possible! pic.twitter.com/cTGGcPn9hR
— Groestlcoin (@GroestlcoinTeam) March 11, 2019
Support from Binance CEO ‘CZ’
The announcement received support from Binance CEO Changpeng ‘CZ’ Zhao.
CZ tweeted: “Progress. Slowly but surely. What can’t be stopped will spread!”
Progress. Slowly but surely.
What can't be stopped will spread! https://t.co/3Z0YZDDF0b
— CZ 🔶 BNB (@cz_binance) March 12, 2019
183% pump
On Monday, GRS was trading at roughly 23 cents before reaching a peak of around 74 cents. On Tuesday morning, it was trading at a peak of 65 cents, marking an astonishing 183% pump in a 24-hour window.
Below is a visual representation of the price pump, taken from coinpaprika.com.
The overall market capitalisation for all cryptocurrency does not appear to have budged, which could suggest that altcoin holders have moved their funds from one altcoin over to GRS.
Remarkably, the project – which only has a market capitalisation of $45 million – has seen a trading volume of $588 million across a 24-hour period.
This means that GRS had a higher trading volume in the previous 24 hours than Ripple (XRP).
To put this into perspective, XRP has a market capitalisation of $12 trillion compared to GRS’s $45 million.
These high levels of volume could be a product of any number of factors, including wash trading.
It could also be possible the volume might have been faked. Forbes released an article back in December 2018 outlining how crypto exchange Bithumb had been faking up to 94% of its trading volume.
Interested in reading more about altcoins which have seen remarkable upturns? Discover how the Repo cryptocurrency has risen by 1,900% in price since December 2018.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.