Paycoin Price Falls to $5.16！Massive Drop from Anticipated Price of $20 Per XPY！
Paycoin Price Drops to $5.16！
Paycoin (XPY) is now trading at $5.16.
GAW Miners' original plan was to manage the price floor at $20 once GAW Miners entered the market with the launch of Paybase, but it appears that this strategy has not worked.
Paycoin hit its all-time-high of 0.0475 BTC per XPY on December 31st. At 1BTC=$311, that's $14.77, still more than 25% short of GAW's price target of $20.
Paycoin Sell-Off Was Greater Than What GAW Anticipated
GAW Miners' explanation for the current situation is that they had entered the market to manage the price floor at $20, but too many users tried to cash out at the same time, making it difficult to manage the floor.
Apparently, GAW did not expect the large level of dumping that has taken place. They had underestimated the amount of user dumping.
GAW has announced that they will continue to make buy orders to absorb the dumping that has taken place, but GAW has also admitted that it has already done all it can to push the value of XPY up, aside from draining its reserves.
Paycoin's Value Dropping Faster than Any Other Coin in the Top 10
So far, GAW's market intervention hasn't worked out well.
Paycoin price has dropped by over 30% in the last 24 hours alone. This is by far the largest price drop among all the coins in the top 10.
Based on these results, we should be prepared for a further drop in Paycoin value before there is a correction.
If Paycoin price breaks $4, which was the price at which Hash Point owners could exchange Hash Points with Paycoin for, a further sell off is anticipated as users are likely to realize their profits before price drops further.
We hope Paycoin will survive this initial dumping phase and increase its value over time.