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VERI Coin Jumps 33 percent in Five Minutes as the Community Misinterprets Company’s Tweet

  • Yuri Molchan
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    Veritaseum (VERI) shows a big price increase but then goes down again


VERI Coin Jumps 33 percent in Five Minutes as the Community Misinterprets Company’s Tweet

While Bitcoin and other three top cryptocurrencies fall due to the news of the ‘cyber intrusion’ at the small Korean Coinrail exchange, it is not all that bad in the market if you take a look downwards at some small-cap cryptos.

According to Coinmarketcap.com, there are four altcoins that went up whereas the aforementioned ‘big coins’ sank a little.

Tweet misinterpreted

The Veritaseum, an ERC20 coin that comes 80 on the top-100 cryptos’ list, first went up seven percent over the past 24 hours and then soared 33 percent and reached $104.82 just within five minutes when the company tweeted yesterday that the platform’s broker/dealer license had been accepted by US regulators.

The happy community seemed to confuse ‘accepted’ and ‘approved.’ This sounds like the best explanation of the coin’s fast rise.

Later on, Reginald (Reggie) Middleton, Veritaseum’s de facto executive officer, posted another message to make sure there are no misunderstandings. He did assure the followers, though, that the acceptance is the first step that may lead to the positive and long-expected result.

Set back

Soon after the second tweet emerged, investors responded and VERI dropped by whole 22 percent to the level of around $79 per coin. This time it took the market around 20 minutes to digest the news.

Other altcoins going green

The other three tokens that have demonstrated positive dynamics are Emercoin (9.71 percent rise), Theta (4.89 percent up) and Bibox token (BIX) (1,67 percent growth).

No single trend can be seen in the rise of these coins and VERI. They just seem to have responded to some local news in their communities.

Still, it is good to see some coins entering the green area among the overall bearish market.

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Cover image via cryptocomes.com
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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