Last week, the CannabisCoin price increased dramatically in anticipation of Monday’s “Yes We CANN” event at the Phoenix-based Herbal Wellness Center. At the event, Arizona residents with permission to buy medical marijuana were able to use CannabisCoins for purchases. Additionally, a limited amount of marijuana was priced at a ratio of 1 gram to 1 CannabisCoin. Because the marijuana was worth so much more than the current CannabisCoin exchange price, investors began investing in CANN. However, now that the event is over the CannabisCoin price is falling back to pre-spike levels.
Also Read: CannabisCoin Price Gets High on Eve of Yes We CANN Event
CannabisCoin Price Sobers Following Yes We CANN Event
From October 12 to October 19, the CannabisCoin price rose nearly 500% due to the temporary CannabisCoin/marijuana peg. On October 19, the Cannabis Coin price was 15,060 satoshis. The next day, the Herbal Wellness Center hosted the first Yes We CANN event.
After the event, the CannabisCoin price fell 43% to 8,545 satoshis. The CannabisCoin price continued to decline on October 21–dropping another 48% to its current price of 4,473 satoshis.
The CannabisCoin tanked following Monday’s “Yes We CANN” event. The current CannabisCoin price is 4,473 satoshis. Chart from CoinGecko.
CannabisCoin now has a market cap of ~$1.6 million, ranking it 22nd on the cryptocurrency market cap charts.
Analysis
This CannabisCoin price decline was incredibly predictable. The temporary price bump should be almost singularly attributed to the fact that CannabisCoins were worth more than their market value at the event. Investors should expect the CannabisCoin price to experience similar spikes and declines when future Yes We CANN events occur. This cycle will continue until CannabisCoin can grow enough marijuana plants to peg the price to 1 gram of marijuana on a permanent basis.
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Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
Images from CannabisCoin and Shutterstock.
CannabisCoin Price Sobers Up Following Yes We CANN Event
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