Marijuana Cryptocurrencies Pump, then Dumped, ahead of 4/20

CannaCoin, CannabisCoin, DopeCoin, HempCoin, PotCoin, Tokes and more. There’s enough irie crypto offerings to go around. Leading into the 4/20 holiday, the crypto-weed index was doing pretty well overall. But, numerous crypto-currencies crashed ahead of the marijuana celebration. 

Related: The First Cannabis Adult Expo is Coming to California



There might be a new April tradition for the cryptocurrency space heading into the infamous April 20 marijuana holiday, on which marijuana users the world over celebrate the plant – pumping digital currency.

In recent years, alternative cryptocurrencies have been on the rise, while the use of altcoins to Bitcoin have been on the increase in recent months and some bitcoin projects have received considerable press mentions.

Many of the marijuana-themed crypto-currencies have shown price strength this year heading into the April 20 holiday.

PotCoin, designed for recreational or medical purposes, enjoys the liquidity of its own LocalBitcoins called LocalPot.com. It enjoyed a steady run-up until April 13, when it peaked at six cents. This represents an all-time high for the currency.




The PotCoin developers plan to integrate LocalPot into the QT client. PotCoin merchants include YourVaporizers, Weed Bar San Diego, an entertainment venue friendly to marijuana use.

PotCoin

Another active marijuana-themed digital currency is DOPE Coin, a proof-of-state cryptocurrency accepted by merchants like Smoke Cartel, a shop with an online catalog of glassware used by marijuana enthusiasts, and PixSkull, a shop specializing in custom etched glass work.

DOPE enjoyed a runup from a market capitalization of $45,000 in recent months to a $290,500 approximate market capitalization on Sunday April 17 whereafter it has since declined to a $238,000 market cap.

DopeCoin

CannaCoin is designed to be a payment system mostly for the medical marijuana industry.  CannaPay is designed to be a full back-end solution for payment platforms, future applications, point-of-sale, ATMs and much more.

CannaCoin followed a similar pattern as DOPE. The marijuana-themed cryptocurrency increased in price from to $170,279 from $34,000 since November 2016. On Sunday April 17 has since fallen to $129,000 market cap.

CannaCoin

HempCoin, designed for the hemp community, is a full business member of the Hemp Industries Association (more information here). The coin doesn’t boast any merchants, but it does have a QT client. Its founders claim that there was no pre-mine, meaning no coins were held before the project released its native digital token to the public. The coin has plans to team with a casino.

HempCoin reached a peak on Tuesday, April 18 before dumping. In the time leading up to the recent peak, HempCoin had 67,250 market capitalization on March 20 to a 360,861 market capitalization.

HempCoin

Then there is CannabisCoin (CANN), which is currently a $400,000 market capitalization. Its market cap once exceeded $5 million. This currency did not show any trading aberrations.

CannabisCoin

Tokes, which trades on Bittrex, enjoys the most robust market capitalization of all the platforms, and there is no sign of a clear pump, although the price did spike from $470,000 market cap to an approximately $525,000 market cap before returning to previous levels in a price variation confined to the 4/20 holiday itself.




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