Minexcoin Monthly Report #1: Hit the Top
You will find out about how things are going on the exchanges, what’s new in MinexBank, and what we have already done and what are planning to do in the nearest future.
Disclaimer: yes, we know that more than a month has passed, but the events happened in early December just couldn’t remain unnoticed by us. It is a Monthly+4 days report. Let’s begin!
If the Beatles worked in our team, they definitely would sing that “it’s been a hard day’s month” and would be right. Only for 34 days, Minexcoin came all the way that some altcoins reached for months. Not just in a price growth, but in product development too. In this post, we made a retrospective about the first month of MNX since it became listed on the exchange. Each paragraph dedicated to the one theme.
Stock things
Here is the graphic from 2 November to 4 December. Looking quite good, isn’t it?
As you can see, MNX showed a steady increase during this month. Started with $1.44 price per coin it hits $69.93 price on 03 December with $200 877 600 total Market cap. It means the coin raised in 48 times or 4756.25%. It’s definitely good news for the holders! However, we want to be objective and mention that the impressive growth from 50$ to 69$ had signs of the faux growth made by market traders, so after a hit, we saw the price correlation to the organic 45$-50$ rate. Another extremely important achievement is that MNX broke into the TOP100 world’s cryptocurrencies list according to the CoinMarketCap. It’s ranking between 65 and 72 places at the time of publication of this article.
Now let’s unpack these facts and understand what’s driving them. First of all, it is the support from each member of the community (by the way, thank you for that!). It shows that MNX and the whole MinexPlatform’s idea are essential and interesting for the cryptoworld. Therefore with the popularity, MNX gets new followers and grows in the value. Also, we consider that MNX growth depends on its status among other cryptocurrencies. For example, we stay in “Biggest Gainers list” for three successive weeks.
Another question which was asked in the community several times was “What will be with the price after $20 high and what does the MinexBank do with fluctuations similar to December hits?”. According to MinexBank Memorandum, our algorithm needs three months for a final calibrating and before reaching this point the price will depend on the market like it’s happening now. So if the market would think that the MNX price should be much higher than it claimed in Memorandum, it will raise. Also, it must be said that, accordingly to our White Paper, Minexbank would correlate the price within 5% range from the cost based the previous day’s closure price.
“The 20$ price was the first basic point set in our Memorandum, — says Boris Shulyaev, CEO of MinexSystems. — But if you read this document closely, it mentioned that price can differ highly and will set on the mark which market established itself. However, with the price and volume growth, we’ll see fluctuations reductions”.
Around MinexBank
The “Buy.Park.Earn” principle obviously works (according to all MNX holders activities). But to avoid giving unfounded allegations better let figures speak for themselves. From 1 November to 1 December MinexBank users number increased by 44.69% and almost as much increased the total number of parked MNX. Certainly, we can’t voice total amount of parked coins due to security concerns but can say that it has exceeded $10 million and MNX holders received about 74 000 MNX for their Parkings.
“It’s too soon to talk about the full-fledged work of MinexBank. At the moment, the algorithm learns and collects all the data related to market behaviour and a coin’s indicators. — mentioned Alexandr Rudichenko, Financial analyst of MinexBank. — As we have already said, this process will last for about three months. Then we will see the product in all its power”.
During this month MinexBank has changed parking rates for the eight times and, it should be noted, that was added a monthly parking in the 2.0 bank client version. Experience has shown that different users used different parking strategies, so we’ll do a detailed review on “How to Park coins and what strategy you can choose for it?” in the nearest time.
November milestones
The other important news of the month is:
- Only several days ago our team presented all-new MinexBank client with the upgraded functional. Apart from the improved user experience, our development team made a re-architect for the whole system. Now Bank provides faster and easier access to the system for a more significant number of people.
- MNX received a Legal opinion from the lawyers and passed the Howey test. It’s important news for the U.S. residents and those who trade on the U.S. and popular world exchanges. The status of MNX that doesn’t fall under the definition of “Security” opens these stocks for coin.
- We’re finishing our work on the mobile version for MinexBank. Android app will be released after few days after this article.
Regarding the plans on December our team will concentrate on several things. They include working on new exchanges, tech improvement for available MinexSystems products, and development of next ones.
As Boris says “we evaluate the first month of MNX listing positively. Of course, as in any new business, we ran into some difficulties during the development and spent a little more time as we expected on the MinexBank 2.0 release, but to create a quality product, we believe that it wasn’t wasted. As soon as it became possible to touch it and see market’s reaction, the motivation of the team increased at times. Still, it’s nice to see how something you have been working on over the past year and a half has evolved from the idea to the product that, as seen from the indicators, is well received by the community”.
As a bonus, the end of our report we’d like to devote to our social capital, namely you. Every day we add about 75 new users or 3 new users per hour. On the last month, the number of mentions about MNX in social networks has increased rapidly — by as much as 530%. Also, users who care about spreading the knowledge about MNX wrote several articles about us. For example:
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