Rodman’s Marketing Stunt
Potcoin was at one time the center of attention as two sworn enemies, the U.S and North Korea, prepared for a historical meeting. At the time, the cryptocurrency received a boost from Dennis Rodman who wore a t-shirt with Potcoin’s logo.
Potcoin’s price skyrocketed as Rodman claimed that Potcoin was his loyal sponsor. Likewise, it emerged that Potcoin covered part of Rodman’s travel costs to Singapore. The cryptocurrency price consequently shot up 76% in just one day leading to a market cap of more than $20 million. However, since then, the cryptocurrency has taken a significant hit in the market.
Launched in January of 2014, Potcoin is one of the cryptocurrencies looking to enhance transactions in the marijuana sector. Similarly, the cryptocurrency seeks to solve banking problems for people looking to transact marijuana. The cryptocurrency allows users to buy and sell cannabis products anonymously.
Developers came up with Potcoin as a way of capitalizing on Colorado’s booming marijuana industry. Similarly, they went on to install Potcoin ATMs at a marijuana dispensary. The cryptocurrency’s supply is limited to 420 million units. Currently, there are close to 220 million coins in circulation.
Potcoin has not had the best of runs in the market even though the overall market has remained bearish. A lack of a huge community backing as is the case with Bitcoin and Ethereum is the biggest headwind.
The cryptocurrency is also extremely volatile. There was a 76% rally when Rodman wore the shirt with the Potcoin logo. The overall cryptocurrency turning bearish has also had a negative impact. Its market cap has since shrunk to $2.22 million.
Potcoin lkikely faces an uphill task to be the preferred means of payments in the cannabis sector. Currently, more than five similar altcoins are gunning for market share. CannabisCoin (CANN) HempCoin THC and DopeCoin are some of the tokens targeting cannabis customers.