The cryptocurrency world has been notoriously volatile in the past year or so, with many investors getting rich easily off of the scheme and many others finding the opposite luck. A new currency in the space known as Vibe has managed to give off incredible returns in the past 24 hours. The currency based on the music world, has seen its value shoot up by over 400%, putting the price of the coin above popular ones like ripple and others. Although the price of the coin may be quite high, the market capitalization of the coin still remains quite low in the scheme of things.
The market cap of the coin is just now above $400 million according to the popular research site known as coinmarketcap.com. The coin just began trading back in October of 2017, so it has not been around for a long time, leading to many thinking that this is just the beginning. Vibe tokens work with an online platform known as Vibehub, which sort of is like an IMDB for live music. Performers on the site are ranked based on how popular they are online, where tokens can then be used to buy merchandise or get access to different contacts in the music industry.
The hopes are that the coins will soon be available to actually buy concert tickets, but this does not seem to be close by. The coin had an initial coin offering which made history by selling out fully in around 5 minutes or less. The coin managed to raise as much as $10 million in the process of its ICO. Some of the backers have included Charlie Shrem, one of the most visible investors in the cryptocurrency community and bitcoin specifically. The hopes are high that this coin can maintain its place in the crypto world as time goes on.