Maya Preferred 223’s (MAPR) market capitalization may overtake that of Bitcoin, the flagship of the crypto market. The market cap of MAPR is now just behind that of Bitcoin Cash, having already overrun Binance Coin, Tether, Stellar and Cardano.
Maya Preferred 223, the Ethereum Classic-based state-of-the-art ERC23 token, recently hit the crypto market, appearing on FatBTC at an initial price of about $1500. Through a week the price for the coin has risen to $2900 – its position when writing this – and it continues to grow.
Why is the Price so High?
The final price of the token is anticipated to be about $18,500 a piece since each MARP, being a kind of a stable coin, is backed with the equivalent amount of silver and gold via the company’s partnerships with seven large precious metals mines in Mexico.
James Dahlke, CEO and founder of Maya Preferred 223, in his latest interview, stated:
“This is a very simple mathematical equation. There’s approximately $18,500 worth of gold and silver backing each token as of today and that backing will only go up. Every time we add more tangible assets to back Maya Preferred 223 the price of Maya Preferred 223 should go up. Now if you add to the equation that there are only 1 million tokens available it makes the token worth even more because of its low float, which gives the coin the chance to rise very quickly. If you take into account the assets that are backing our token plus the limited amount of tokens available, this token is worth a lot more in our opinion than what it is trading at right now, and even more than its own backing of $18,500 per coin”.
Champions of Market Cap
The simple calculation of the recent price of the token ($2900) multiplied by the number of available tokens (1 million) gives the amount of the token’s capitalization, $2.90 billion. For comparison, the market cap of Bitcoin Cash is $2.98 billion. Meanwhile, the capitalization of BNB is now $2.4 billion, those of USDT and Stellar are about $2 billion each.
Assuming that with such rapid growth MAPR’s price hits the anticipated $18,500 per token, it will be the second coin by overall cap after BTC with a capitalization of $18,5 billion, surpassing Ethereum by almost $4 billion.
The goal of Maya Preferred 223’s developers, though, is to surpass Bitcoin’s capitalization (currently $71.3 billion), a feat they think will be possible through new partnerships with additional mining operations.
James Dahlke adds:
“Right now we are in final talks with five additional mines located in Mexico. If we execute this agreement, which the company feels strongly it will, it will automatically double the backing of the $18,500 figure that currently backs Maya Preferred 223. The seven mines that currently back Maya Preferred 223 have lots of partnerships and agreements with other miners in the industry and through them, we were able to form relationships with many other mines in Mexico and around the world. We feel strongly that we can close the deal and add these other mines to our backing to double it to around $37,000 per token”
MAPR’s Backing Assets
At the moment MAPR’s price is backed by seven mines located in Mexico: Mina del Oro, Mina CR & Mina Amplicacion del Oro, Guadalupe, La Guadalupe II, Gramos de Oro, La Fortuna, and Santiago Apostol. The total price of precious metals reserves mines contained within these mines is estimated at about $4.7 trillion.
Mexico is one of the top-10 gold producing countries in the world, occupying 9th position with 3.247 tons of gold produced yearly. As for silver, Mexico is the top producer in the world. According to research done by the Silver Institute, in 2017 Mexico was responsible for almost a quarter of the global silver production with 6.108 tons.
So, Maya Preferred 223 partners have control over more than half of the country’s gold reserves, and the MAPR team is assuring investors that new partnerships, which will raise the price of the token even more, are already on the way.