NANO (NANO)–A declining price continues to impact one of the more resilient communities in cryptocurrency. As the market continues to fall on Tuesday, NANO is nearing a 10 percent loss over 24 hours, dropping to below $2 for the first time since the astronomical price run the coin experienced in December 2017.
Through a combination of anticipated exchange adoption and bullish market timing, NANO experienced one of the fastest price gains to end 2017, reaching an all time high of $36 in the first week of this year. Since that time, a combination of a poor publicity, unexpected hacks and a general erosion in the cryptomarkets has caused the coin to undergo one of the largest declines in price, falling nearly 95 percent in value to its current price of $1.85.
The NANO community has attempted to rally despite the price fall, instituting a user-driven marketing effort to support NANO in the form of E-Sports advertisement earlier in the summer. The crypto community has also been rallying around Venezuelans impacted by the inflation imposed on their government currency, creating a portal for donating directly to families and those affected for buying necessary supplies.
Despite experiencing one of the more high profile hacks of 2018, when $187 million worth of NANO was removed from the exchange BitGrail (leading to an ongoing lawsuit between the NANO development team and exchange owner), NANO’s continued price fall has perplexed the community. While all of crypto has suffered throughout the year’s bearish downturn, few coins have posted the same catastrophic loss in value as NANO. Despite having a relatively active community excited over the technology, some are beginning to question the drastic impact on NANO’s pricing,
The general consensus seems to be that while the underlying technology of NANO is impressive (fastest transactions in cryptocurrency and zero monetary fees), adoption has not reached the point of making NANO a more noticed cryptocurrency, in conjunction with the coin’s origins. NANO was originally given away in large amounts for free through crypto faucets (then under the name RaiBlocks XRB), causing even today’s 95 percent fall in price to be significant gain in ROI for faucet accumulators who paid nothing for the coin.
Given that cryptocurrency adheres to the libertarian ideal of free markets and decentralization, at times perhaps to a fault, it’s hard to contend with any currency being labeled as undervalued: it simply exists at the price point the market is willing to pay. However, NANO could be an indication that while impressive technology will enact a premium in this marketplace, the lack of adoption or use for cryptocurrency makes the underlying technology irrelevant–at this point in time. If Bitcoin was a saturated currency and mining fees approached unacceptable levels, capital would flow to coins that offer a solution to the problem of costly and slow transactions. At present, that is not the case. Therefore, it’s difficult to judge the success or failure of any coin’s technology by price movement alone. NANO may become a prime example of that point if the price continues to tumble.