April 9th, 2019 at 9:47 pm UTC · 3 min read
MAPR/BTC pair is trading on the FatBTC exchange on a one-to-one basis. In the meantime, the price of the token keeps rising.
Maya Preferred appeared on the FatBTC exchange on 21st of March, and over three weeks its price rose from $1,500 to $5,222. The token’s developers insist that the current price is still a far way away from where it will end up.
The token, similar in nature to a stablecoin, is backed by gold and silver reserves from seven large mines in Mexico. The amounts of precious metals backing each individual token are estimated to be worth approximately $18.500, and representatives of Maya Preferred have stated that the price of their coin is on its way to hit these numbers.
James Dahlke, President of Maya Preferred 223, said:
“The $18,500 gold and silver backing figure is only going to go up. We want investors to know that every time we add a new mine to the equation the price of Maya Preferred 223 becomes more valuable and stable. We are building a new type of cryptocurrency and would like our investors to know that they are protected when they invest in Maya Preferred 223.”
Indeed, according to the latest Dahlke interview, U. K. Financial Ltd., the company behind Maya Preferred 223, is now in the process of acquiring new assets that will be used to increase the pool of precious metals backing the token. Since the amount of silver and gold is going to grow, it is believed that it will have an impact on the token’s price.
Within the next two weeks the company will be updating its website again with additional proof of the gold and silver backing. U. K. Financial Ltd. will be adding contracts they have drawn up with the mines with an official presentation of all the mines that are backing Maya Preferred 223, including the signing of the contracts by the actual owners of the gold and silver mines.
Right now Maya Preferred 223’s market capitalization has already overgrown that of EOS ($5,044 billion) and hit sixth place among the top-10 market cap coins. There are one million tokens available on the market, and at its current price the capitalization of MAPR comes out to $5,222 billion. If the price of the token does grow to the forecasted $18,500, MAPR will become the third currency after Bitcoin and Ethereum in terms of capitalization.
Since the price for the token keeps growing, once MAPR overruns Bitcoin’s price, it will be the most expensive cryptocurrency available on the market.