Contrary to expectations, several bodies of the cryptocurrency market have experienced a significant appreciation in the position of the less-known token called BOPPY. Even within the past 24 hours, BOPPY has increased by 3.67%, and due to such elements, users and investors are more attracted to cryptocurrency. This price activity has pushed BOPPY under discussion focus and revealed many people’s interest in this less-known token.
BOPPY, listed at 3866 place on the cryptocurrency market, equals to $0.082284 at the moment this article was written. This recent hike in price has given a market capitalization of $960,740 hence putting it in the market of micro-cap altcoins. In fact, the token’s rank is low, but the performance generated attention from the traders who are waiting for opportunities in the fluctuating crypto market.
According to the token’s daily trading volume, it stands at $67,140, thus making it a moderately traded token. This means that the current float out there is 6.99 % of its market cap and this we can classify as quite decent for a token of its rank. This means that trading interest is sustained by overall market value, which is a value driver that plays a role in stabilizing the price of cryptocurrencies.
Similar to other currencies, BOPPY has finite issued and a maximum capped supply, which stands at 420.69 trillion tokens. This massive supply is not abnormal in the larger realm of micro-cap cryptocurrencies, as many projects choose to set up their token supplies in such a fashion that they can offer relatively low individual tokens. Surprisingly, the whole quantity is said to be floating while there is no locked or reserved supply that may affect the market in the future.
Using the FDV the value of the company at $960,740 is same as its current market capitalization. Market cap and FDV being almost the same means that all the supply of this token has been captured in the current value. However, investors should be weary since there is so much of it in supply, what may happen is, the large holders may decide to dump it, and this will cause drastic changes in the price.
The price increase in the recent past can be seen Here. However, one must approach the alternative for potential investors with caution when investing in BOPPY. Novelties that include digital currencies are closely associated with high risks and are particularly drastic when it comes to digital currencies with relatively small market capitalization. This 3.67% increase in one trading session is good news, yet it does not look very impressive as compared to the wild volatility typically observed in crypto markets.
Before diving into the analysis of the BOPPY project image, application, or the team behind its creation, it is important to mention that not much information has been shared on this project. As is quite typical for the emerging asset classes, the price of the cryptocurrencies might be influenced by ‘noise trades,’ raw emotional swings, or short-term trends rather than considering the value. Lacking an understanding of the relation of the token to the technology behind it or to the needs of the market, it is rather hard to decide whether such a rise is caused by its actual use in practice or by the popularity that comes from the breathless interest of the public which deals in tokens only.
As a result, potential BOPPY investors should pay much attention when approaching this company. The market of cryptocurrencies is still very volatile, and any cryptocurrencies, let alone BOPPY, that are not top-ranked tokens are very vulnerable to fluctuations and scams. The idea of betting is that one should invest only such amount of money one can be ready to lose and it is better to invest in different types of securities.
These numerous factors seen in the crypto community have people interested in BOPPY asking themselves whether this is the start of BOPPY’s upward trend or just a flash crash. The next days are decisive for whether BOPPY is capable of sustaining its regained focus as well as a relatively high price or will return to the state of obscurity among thousands of other projects competing for investors’ attention.
However, it must be mentioned that BOPPY has recently decided to raise the price of its cryptocurrency and this news has definitely stirred up a lot of attention in the sphere. However, like in all investments, even more so in such a liberal atmosphere as cryptocurrencies, one should not get too carried away with such opportunities. But that, of course, is the beauty of it: while profits are possible, so are substantial losses. Depending on the further unfolding of the events, all expectations will be directed at BOPPY as to what is next for this previously completely unknown token in the world of cryptocurrencies.
