Dead POW Coin with $222 Million Dollar Market Cap
Hope it is okay to talk about this here. I think it is relevant because it shows that market cap isn't everything.
Anyway, I was investigating old POW coins and discovered a coin with huge discrepancy between market cap and liquidity. Usually when liquidity dries up, price and market cap plummets.
Mooncoin has around 230 Billion with a market cap of $222 million. Yet it only has two exchanges. Coingecko doesn't even list it. CMC shows next to nothing about it.
The first exchange is Finexbox which is a scam exchange. Even that only has just over $60 liquidity on sells before zero price is reached.
The second exchange is Cointopay with a total sell depth of just under 94 Dogecoin or about $40.
This is it. You could own 1% of all the Mooncoin (supposedly worth $2.22 million), but would be unable to get more than $100 selling any portion of it.
I have seen much healthier coins with market caps under a $million.
I find this situation fascinating and would appreciate any observations on this coin or similar POW coins (I have zero interest in tokens) that are in a similar situation.
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