An unrelated PetroDollar crypto has just quintupled in market cap
People have resurrected a dead coin after mistaking it for Venezuela's Petro.
What a growth spurt! This coin's market cap has quintupled from under $100,000 to over $500,000 in about an hour and a half, while the coin price has doubled. It must have some really good fundamentals.
Or not. This is XPD, not PETRO, and its necromantic growth spurt is entirely a case of mistaken identity.
To call this coin overvalued would be an understatement. It's actually been dead and gone for a long time now, and both its previous domain names, http://ww1.petrodollar.org and http://www.thepetrodollar.org, are still for sale.
Unlike the token itself, that second domain name might actually be a decent purchase for someone who wants to continue the charade and take a stab at becoming a professional Petro imitator.
The XPD was designed to be issued and valued according to the world's current estimated oil reserves. "The PetroDollar is designed to be deflationary with reference to the world's oil supply. As a result PetroDollar will not lose purchasing power," its developers optimistically promised. They also predicted in early 2014 that "Oil will continue to dominate the primary energy mix for the next 25 years."
Appropriately enough, this fossil fuel cryptocurrency has gone out of business while renewable energy cryptocurrencies such as Power Ledger and IOTA's bIOTAsphere project are still growing fast. The best time to dump any XPD is probably ASAP before this particular oil field dries up again. Not to be crude, but it's just a garbage coin.
- Expert analysis: Key metric indicates Bitcoin price will drop further
- Experts believe Ethereum’s upgrades can make it a long-term store of value like Bitcoin
- Ethereum price drops despite positive sentiment surrounding the upcoming ‘London Hardfork’
- Bitcoin’s price analysis: Who is buying the dip?
- Ethereum London hard fork: Why it’s a huge deal for ETH price
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, NANO, SALT and BTC.