Monero (XMR) is back as a top 10 coin ahead of the March 14 hard fork.
Monero (XMR) will be the star for at least a week more, as it is caught by a pre-fork fever. On Monday, XMR continued its strong performance in an otherwise stagnant market. XMR has added more than 31% to its price in a week, reaching $367.22. The XMR price has also regained its peak against Bitcoin, and has been one of the rare coins to survive the climb of BTC prices without getting traded into oblivion.
In the past month, XMR has been among the best-performing coins, growing more than 100% from the recent lows. But the recent uptick in prices, with a premium on Korean markets, may cause volatility. Forked coins in themselves may not be so interesting – but the hype and exceptional enthusiasm creates just the right type of momentum and trading volumes for quick profits.
It is possible that XMR slides after the fork is completed. At this point, the Monero community is rather unified, and there is no real need for a contentious fork to improve the digital asset. MoneroV may be just a strategy to achieve fast gains, in the manner of Bitcoin forks.
Yet even on its own, the XMR market price has held up well enough, so while the post-fork selling may hurt the price in the short term, Monero remains an established name in the crypto community.
What to Know About MoneroV
The MoneroV hard fork uses the same hashing algorithm as Monero. There have been warnings to avoid claiming the coins, due to the more lax privacy features of MoneroV. The exact dangers of exposing Monero addresses at this point are unknown.
The MoneroV hard fork has also seen copycat airdrops, which may be a scam. The MoneroV asset is not an Ethereum-based token, so users are advised to avoid those offers.
Curiously, the MoneroV Telegram channel is mostly silent, despite having upward of 2,000 members.
As for the MoneroV hard fork support, Riccardo Spagni, former idea leader of Monero, has been skeptical, and has warned against going for the split coins. In this, Spagni copies the move of Litecoin’s creator, Charlie Lee, who also spoke against the recent Litecoin Cash hard fork.
In the case of all forks, it is best to wait out for the dust to settle, and avoid revealing private addresses with brand-new wallets appearing right after the fork.
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