Sudden and unexplained growths are common in the Crypto markets. The topmost Digital Tokens have large volumes of daily trade volumes, high market capitalizations, and a high proportion of all Tokens in supply. These factors have an influence on price performance that attracts new Crypto consumers.
In this regard, the newest addition to the Cryptocurrency list of top 100 is ThoreCoin (THR) with Indian/Estonian roots. The factor behind the growth is that TRH has almost doubled in the last 7 days by gaining 90% to trade at over $472 per Token.
According to Coinmarketcap data, ThoreCoin was trading at $0.32 at the beginning of February. However, on February 22, TRH suddenly started on a bullish cycle and hit $140 per coin. The trend did not ease and the gains from that day of trading to date has exponentially grown to hit the current $475.
Further, in the last 24 hours, the Coin is among the best performers in the market that are on the green. In fact, the 6.45% 24-hour gain rate is a catalyst to further gains.
At the 98th position, the Coin has a market cap of $40,801,559 at a daily trading volume of $69,370 and a Token market circulation of 85,866 THR.
There Is Little Information About ThoreCoin
Despite the stellar growth, there is little information for potential buyers to rely on the internet. For instance, the official website is permissioned and only registered users are allowed on-site. The front page has little information and one cannot navigate beyond the home section.
However, one can gather from the website that TRH Coin represents an investment to a pool of non-Tokenized stocks including Netflix, Google, Alibaba, Oil, and Apple.
The main concern about the Token is that the team behind the project does not explain how the Blockchain project would be profitable in the long run. Although this shortcoming is common for Ethereum-built ERC-20 protocol ICOs, it still does not take away the fact that investors usually demand transparency before purchasing Digital Tokens.
Bitcointalk Forum Sheds Some Light Into The Project
Further scrutiny of ThoreCoin on Bitcointalk forum shows that ThoreCoin was introduced a year ago by a user called ‘Nikstrade’. The person explained that the Blockchain is based in Estonia/India and further says that it’s an invite-only platform which explained the limited website and scanty information.
Potential Buyers Are Advised To Be Cautious
There are several red flags on ThoreCoin project. Firstly, the volume is very low to warrant such a surge in price. Secondly, there is neither a whitepaper nor a website which makes the project to perform poorly on the transparency factor (although the invites-only could explain the vagueness).
Hence, this may be a coordinated pump and dump scheme and buyers are advised to wait for a few days to see whether the gains will hold.
Nonetheless, if there is sufficient information in regards to the TRH and the Blockchain project, one can always take the risk and invest.