Factom (FCT) McAfee’s Coin of the Week

Factom (FCT) McAfee’s Coin of the Week
John McAfee has recommended Factom (FCT) as his coin of the week, and while it is a legitimate project, it appears that the coin was bought up by those with insider information leading up to the Tweet.

Factom (FCT), a blockchain platform aimed at providing secure and immutable data storage, is the latest project recommended by John McAfee as part of his running ‘coin of the week’ series. As expected, FCT’s price surged rapidly, from under $55 to over $75, before receding back to around $65.

By now, everyone following the crypto space knows about John McAfee, the popular entrepreneur who has managed to single-handedly pump even dormant coins such as Reddcoin (RDD) with one Tweet.

His coin recommendations went awry last week, and his account was, according to him, hacked by those who wanted to profit from his influence in the crypto sphere.

Now, in his first weekly recommendation (expected every Monday), he cited Factom’s endorsements from the Bill Gates Foundation and Homeland Security, along with partnerships with 25 cities in China.

Factom is one of the more promising blockchain projects, with two working solutions, dLoc, a document authentication and verification system and Harmony, an API integration which allows the secure sharing and auditing of sensitive documents.

However, despite FCT being a legitimate pick with potential, questions are being raised about what appears to be a pre-pump, leading up to John McAfee’s Tweet.

As several community members have also pointed out, FCT’s daily trading volume and price surged significantly ahead of McAfee’s Tweet, suggesting market manipulation by those who were aware of the upcoming recommendation and bought before the pump.

The 7-day chart from CMC, referenced above, also clearly shows the spike in volume and price. FCT’s 24-hour volume was around $18 million on December 31 and steadily started climbing, reaching almost $41 million right before McAfee’s Tweet. The highest price in the last 7 days was $48 but also went up to $61 earlier today, leading up to the pump.

Even though the community has been questioning these pumps, and there seem to be clear signs of bidding activity before the surges, it appears that a large number of people still run into these trades blindly.

Sine the crypto market is unregulated, it is unlikely that much will be done or made of such instances, and eager investors stand at the risk of losing money if they do not conduct their own research. 

Meanwhile, we have reached John McAfee for comment and will update this story as it develops.

why is Factom a good project?