After seeing Po.et rise in price 5,455%, how much further can it go up?
Clearly Po.et’s listing with the KuCoin exchange has been a boon for its price and there’s more good news going forward.
KuCoin exchange made another addition to its growing platform of market pairs. Po.et (POE) was issued for trade paired with bitcoin and Ethereum. POE began trading in September 2017 at around US$0.02, settling in the period before Christmas to below US$0.01 per unit of POE. As the latter stages of December approached, the price of POE experienced an incredible up surge, peaking at US$0.28 on 5 January.
That price increase represents a whopping 5,455% increase in real terms. Considering the low starting price, that is an understandable margin. What is important is whether that trend will continue throughout 2018.
At this stage, it is difficult to judge what is driving the huge increase in price, although the recent gains are partly a result of its listing on KuCoin as well as to its listing on another exchange, Binance. Between the two, they are trading the POE/Ethereum and POE/bitcoin trading pairs. These trading pairs at Binance and KuCoin are generating a total of US$52.5 million in daily trade volume for POE.
These developments have had direct impacts on the strong growth in market capitalisation that POE has experienced. The total market capitalisation of POE stands at US$414.8 million at the time of writing. This equates to POE being the ninetieth highest overall ranking in terms of market capitalisation. Where it will go from here is hard to know, but there are some encouraging signs for its future growth.
What is POE?
POE is the native token of the Po.et blockchain. Po.et is a programming technology that aims to improve the current system of content creation by creating a distributed ledger of uploaded content. This will assist artists in maintaining proof of work for their creations and also provide publishers and editors with a more efficient process by which to profit from the global digital media industry.
Not only is there excitement within the digital media industry at the potential of this blockchain innovation, there is also a growing level of interest surround the ongoing strengthening of the price of POE. On 6 January 2018, the amount of registered POE wallets has risen to 7000, with over 100 being added in just 20 hours. If this trend continues, 2018 could be a promising year for POE.
In 2017, the global cryptocurrency market capitalisation increased from around US$18 billion to well over US$650 billion. Already in 2018 this figure has increased to over US$800 billion. It seems as though this trend will continue right throughout 2018. This means that with the excellent marketing and sound white paper production that the development team at Po.et has shown, there is bound to be further increases in the price of POE.