The crypto-friendly country has launched its state-backed cryptocurrency project to create further financial inclusion for citizens.
The market over the season has put many tokens into the red. Digital currencies are struggling and any news of a positive incline is news-worthy. The FunFair cryptocurrency has been a coin which has bandied between high ups and low downs recently
As a brief description of the project – the FUN tokens act as the cryptocurrency for FunFair.
The FunFair platform holds a decentralized gaming technology network, based on the Ethereum blockchain. It uses smart contracts and Fate Channels to offer users casino solutions with games that are fun, fast and fair. Owing to its nature, and it stands as one of the first gambling-focused cryptocurrencies
In this, we take a look at how the coin has fared over the year.
FunFair in the market
At the start of the year, FunFair entered proceedings as the 52nd most valuable cryptocurrency by market cap on January 7th, and was trading at $0.179398 USD. At the time, the cryptocurrency was holding a total market cap of $762,417,015 USD.
Looking at the current state, the market has been unkind to the altcoin. Now FunFair is the 86th most valuable cryptocurrency. It trades for $0.015089 USD and bears a total market cap of $78,156,351 USD.
At its height on the 5th of January, the FunFair cryptocurrency network saw $137,790000 USD worth of FUN transacted daily.
The network’s lowest point saw only $592,079 USD worth transacted on the 8th of April, while the network’s next high point saw $35,818,000 USD worth of FUN tokens shift hands on the 7th of May.
Into the future
Well, considering how the adult entertainment industry in blockchain has taken off, FunFair stands a chance to offer itself as a niche among the common. However, if we look at how the gaming platforms are doing on Ethereum’s platform, the numbers are not flattering. With a measly average of 435 daily users on the world’s most popular decentralized app (dApp) game, it’s not looking good for the concept of blockchain games at the moment.
However, if FunFair can target itself to those who would invest in gambling (and the irony is not lacking), and if the market can realign itself, then the cryptocurrency stands a chance yet.