The cryptocurrency world has been taken by storm with the Global Currency Reserve (GCR) making its way into the top 100 cryptocurrencies.
Unprecedented Growth of gCR
Over the past two months, GCR has seen a staggering surge of 1,075,939% since mid-May, according to data from CoinMarketCap (CMC). Despite its creation in 2015, GCR has remained relatively dormant until recently, with a small surge in 2018 and a four-year stint in the red zone.
A New All-Time High
In the past 24 hours alone, GCR’s price has risen by 42%, trading at $3.1 at the time of writing. This significant increase in its 24-hour trading volume, up 135% according to CMC, has propelled GCR into the ranks of top crypto assets, currently sitting at rank 97.
Concerns Over Concentrated Ownership
Despite the impressive growth, on-chain data reveals that GCR is held by a limited number of wallets, with only four on Ethereum and 10,162 on BSC. This concentrated ownership has raised concerns among some in the GCR community, with users reporting difficulties in selling their GCR tokens.
Potential Market Manipulation
Further adding to the concerns is the discrepancy between the trading volume reported on CMC and the on-chain data from BSCscan and Etherscan. The latter shows that only $1,523 worth of the asset has been traded in the past 24 hours, suggesting potential market manipulation. Some users have reported being unable to sell their GCR holdings while others are seemingly dumping their tokens amidst the price surge.
The Road Ahead for GCR
As GCR continues its upward trajectory, the crypto community will be watching closely. The concerns over concentrated ownership and potential market manipulation will need to be addressed to ensure the integrity of the market.
As always, investors are advised to do their due diligence and exercise caution when dealing with volatile assets like cryptocurrencies.
About GCR
The Global Currency Reserve (GCR) has recently emerged as a notable player in the cryptocurrency market. Established in 2015, GCR spent several years in relative obscurity before experiencing a dramatic surge in value in mid-2023.
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