AurumCoin To Get +5000% In Last 24 hours - What is AU and Why It's Up? Saturday, August 1
Any daily trader researching latest price increases of various cryptocurrencies, after seeing the AU coin performance in last 24 hours, wish they had knew before about this project, as the coin went from $23 on August 25th to $1,786 on September 1st. Was there any important news and big announcements made by the team? Or are there whales trying to pump up price of some random smaller cryptocurrency.
What is AurumCoin
Aurumcoin is one of the older projects from the very early beginning of the cryptocurrency revolution. It was launched in 2014 by anonymous developer in what seemed to be a test for a blockchain technology. The project had its ups and downs. The developers decided to back it up with gold to increase the stability of the price to compete better with Bitcoin and secure the investors from the volatile market. They explain: "Since AurumCoin is backed by gold, it stands out from other currencies. Gold is a natural element with a finite amount and cannot be created out of thin air like the dollar today. Nor is it mere speculation like Bitcoin, which is prone to instability due to lack of inner value."
The feature that may interest potential investors is the fact that there are only 300,000 coins, therefore in a case of wider adaptation and increased demand, AU price could go up very quickly.
AU Coin Price
The important thing while looking at the charts is the trading volume, as anyone could decide to buy a random token for $10,000 making all of the leading cryptocurrency chart providers and data analysts check out how did such unusual spike happened. AurumCoin is being mainly traded on Cryptohub Exchange in the AU/BTC pairs. It is also listed on Cryptopia and CoinExchange. The official 24 hours trading volume counts for $5,967 at the moment of writing this article. The price jump has just happened and there may be more traders interested to make some gains there, as they explore the topic further.
However, looking at the project as a whole, there hasn't been any interesting news or announcements that could directly affect the value of AU. Therefore, it allows us to guess that the sudden price increase is an effect of a price pump attempt. The fact that the volume at the moment is relatively small, it could easily be conducted by one person, who counts that other traders will pick up on the positive changes and start buying AU as well. He will then be able to sell it to them for much more than he bought it for few days earlier.
AU/USD Price Chart, Saturday September 1st:
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