Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
In what can only be described as an extremely shocking turn of events the Noah Coin has surged to unprecedented levels in just a few minutes.
The cryptosphere is generally still celebrating Bitcoin’s spike to levels above $9,500 a few days ago, after it fell more than $500, a while before that. Currently, the market seems a tad invigorated by the Bitcoin rally and there is now a lot of hope that all of the bullish forecasts that swept the sector, could actually come to pass.
Not only did Bitcoin surge, but as its wont to do, it seemed to carry major altcoins along with it, with some of them shooting up to 30%. In the same vein, the TRON Foundation’s TRX tokens surged as well, displacing Stellar’s XLM as the 10th largest cryptocurrency in the market. However, no one foresaw that a generally ignored asset, Noah Coin, will dwarf all of these surges by far, in a few days.
Data from CoinMarketCap has now shown that on Tuesday Oct 29, Noah Coin in an unprecedented move, spiked more than half, to 56% in just under 10 minutes. Before anyone could begin to analyze or try to explain the jump, it surged again by a whopping 880% to eventually hit $0.004345. This spike was also seen in the coin’s recorded trading volumes. Somehow, its volumes also jumped in the same period from where it was at $148, rising a jaw-dropping 110,078% to hit $142,000.
As a result of all of the drive, Noah Coin’s market capitalization has now climbed to $140.5 million according to current data from CoinMarketCap, with a cumulative 24-hour change of more than 1,400%. With these new developments, Noah Coin is now the 43rd largest digital asset in the crypto sector.
At the moment, news of Noah Coin’s incredible surge has yet to seriously make the rounds but even among those familiar with the situation, no one is exactly sure what caused this. There are theories however, that the rise was directly as a result of a pump and dump scheme and might not be all-natural. While that could make sense, there is still need for a better understanding of the situation, how it happened, and also whether or not there’s a chance Noah Coin can keep up with its newfound price wave and spike a bit more.
The Noah Coin is issued, operated and managed by the Noah Foundation, an organization that began in 2016 and was started by major players in several different sectors including the current director of the foundation, Josef Werker. The foundation created the token as a direct way to tackle the common problems associated with financial remittance as well as Business-to-Business (B2B) payments and Business-to-Customer (B2C) payments too. The Noah Foundation is however quite focused on the markets in the Philippines as well as Japan and announced in its early days that it was looking to improve the socio-economic relationship between them both.