BOMB, a PoW/PoS token that applies the Scrypt hashing algorithm has achieved a market cap of $11 Million. According to Coinmarketcap, the current market cap of BOMB is $11,453,466.
The coin exchanged up 60% against the US dollar throughout the twenty-four-hour span on June 15th. BOMB had a market cap of $8.01 million and almost $247,600.00 worth of BOMB was exchanged on exchanges. If you closely observe, BOMB has traded up 102.2% against the US dollar in the past 7 days. One BOMB token can now be bought for around $8.40 on cryptocurrency exchanges such as Mercatox and DDEX.
The coins explode
Bomb describes itself as a “self-destructive currency” and as a “social experiment”. Basically, Bomb is just an ERC20 token that always burns 1% of the transfer amount of each transaction, but at least 1 bomb token at a time. As a result, the circulation amount, which was initially limited to 1 million units, becomes smaller and smaller. The Bomb Coins explode constantly. Since our last article, an average of 330 bomb/day tokens has exploded. In the month of May 2019, we had reported about two “crazy coins” that could simulate hyperinflation and hyperdeflation.
By now, Bomb has become one of the most successful airdrops in the history of cryptocurrencies. Bomb is now also on leading websites such as Coinmarketcap , Mercatox and DDEX , trading more than $ 1 million a day. Even more remarkable is the price evolution of the bomb token. In our previous article, we had reported that the bomb token was trading at $0.40 / bm, the price increased remarkably within a month, touching its all-time high of $ 12.15 / bmb on June 10, 2019. This compares to a 30-fold increase in value or an increase of 2.937%. Currently the token is trading at $ 7.70.
The crazy thing is that bomb tokens were not bought or obtained by an ICO. Instead, the bomb tokens were given away by Airdrop. All you had to do was to enter an e-mail address on the website, depending on how “early” you did it, the more Bomb Token you got. There were four different waves. Those who came first received 400 bomb tokens, the next wave 300, 200 and 100 tokens.
The value of 400 Bomb tokens reached $ 400 * $ 12.15 = $ 4,860.
Bomb Token – The Future of the Project
No one would have anticipated the success of this project. Currently, Bomb is ranked 426 on Coinmarketcap. Above all, there are many “dead” projects in the 400 places, without a community with low trading volume. Bomb, on the other hand, has a relatively decent trading volume, prospective new trading peers in sight and an incredibly active community behind it that many top 100 projects can not boast. In order to be able to penetrate the top 100 in terms of price Bomb would have to lie down at least one x17.
At this moment, it is not yet clear that from here where it will go but the purpose of this distinct crypto is not as a currency but as a social experiment to know if a self-destructing token can be a reserve of value. Even though the community is very active, it is clear that after at least 1 million transactions, all tokens will be burned and the coin will cease to exist. However, it can take a significant amount of time. It will be interesting to see how the token economics and the price will develop by then.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.