Factom Token Value Explodes Amid Baseless Rumors and Wild Speculation

Cryptocurrency enthusiast may have noticed the Factom market cap is growing at a nearly alarming rate all of a sudden. This only gets stranger when looking for a reason for this sudden price jump, which doesn’t seem to exist. While it is true Factom members attend conferences, that alone is no reason for a massive token price jump. There are some rumors regarding a partnership with Citibank, albeit those are only rumors.

What is The Deal With The Factor Price Jump?

As we have seen in the world of cryptocurrency over the past few weeks, a lot of coins are suddenly jumping in value. That is rather surprising, considering very few of these projects have any news coming out to warrant such a value increase. Factom is no exception in this regard, as the sudden value increase is merely driven by speculation, by the look of things.There is an abundance of wishful thinking, though, but that is never a good price indicator whatsoever.

To put this into perspective, Factom is a project which sold a lot of tokens during its crowdsale. This also means no one can effectively mine Factom, although that has never been an issue among crypto asset enthusiasts. The use cases for Factom can be astonishingly huge, although the tokens will mainly be used by governments and corporations.

Neither of those “factions” are kept in high regard by the overall cryptocurrency community. Other currencies who operate outside if the realm of cryptocurrency are often criticized for not having a consumer-grade use case, yet Factom is given a free pass. That is not a criticism, mind you, but it goes to show how skewed people’s perception can be from one currency or token to the next. This does not mean Factom is useless either, but it is not necessarily a token that will rival Bitcoin or Ethereum anytime soon either.

There is some Factom news that could hint at positive announcements in the future. For example, the team will attend the MISMO Standards Conference later this week, and there will be a blockchain hackathon as well. Events like these can be found a dime a dozen, though, and this news does not warrant any value increase for the token whatsoever. It is good to see Factom make its presence known, but it is not spectacular either.

There also appears to be a job opening at Citibank Dublin, which specifically demands “Factom technology skills”. Once again, this hints at nothing in particular, even though the Factom community is well aware of how the company has been in talks with financial institutions. Once again, cryptocurrency enthusiasts do not like banks and judge other assets for any relationship with a bank. This job posting may hint at a collaboration between Citibank and Factom, yet nothing has been confirmed by any official sources.

It appears this latter part is driving the price speculation for Factom right now. A lot of people in cryptocurrency tend to get very excited about certain events which have no meaning on their own. None of the current officially confirmed reports warrant this major Factom price jump. Then again, we live in very crazy cryptocurrency days, and any coins could see its value pumped by nearly 100% over the course of a few days.

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  • Justthefact1

    So who paid you to talk this BS .. Factom has made connections and their products are in use ..you must be upset that you wanted SHITCOIN to make a big slash in your toilet huh? liars and half truth shit talkers shouldn’t write articles!

  • Anton Frost

    Factom is one of the few cryptos that addresses real business problems today in lucrative areas of unmet need. How many can make that claim? This article is either poorly researched or paid for. Or perhaps the author just isn’t intelligent enough to understand a stock can rise on its fundamentals or business case not only ‘positive announcements’. “One of the world’s leading freelance Bitcoin writers” lol.

    • Jay C

      The quality of writing here sometimes..

  • CryptoTrader

    What about the price reactions on BCN DOGE XVG BITB? These all rose many hundreds of % but don’t warrant your critique of speculation gone awry? Is FCT held in a higher regard than a standard shitcoin thus a price move “requires” confirmation of news; how much did some short seller pay you to write this?

  • Jay C

    Honestly, I don’t want to be a troll but this article is astonishingly poor.

    I don’t know of a single person who is buying into Factom because they think it could rival bitcoin and ethereum. It is because they happen to have a very solid commercial use case.

    Is it speculation? Of course it is, but I would argue this is actually slightly more grounded speculation than many of the other top 20 coins.

  • Rafel James

    Really Jdebunt?! Did you write a similar article when XRP ran up to 15Bil?! All partnerships they have are with the ‘Big bad Banks’!! The FCT coin is only 1 of maybe 2 or so that has actual ‘use-case’ for itself, as opposed to over 650 ‘Sh.tcoins’ made in someones garage.!

    You sound an awful lot like the journalists on Yahoo..

    Pathetic article.!

  • dlux

    Sigh.

  • Barny

    You are an idiot lol. No one likes governments haha. You will when they are using 1000’s of factoids for entry credits up making the supply less and less. Same as banks and mortgage companies. Got the likes of dogecoin and piss take coin valued at more than factom. You are shorting factom. Admit it. Cock head

  • Robert Fulton

    Let me explain something to the libertarian crew which seems to dis any coin that might have a use case away from decentralized anonymous financial system. Someday you might want a voting system that cannot be manipulated. Something transparent, ironclad, protected by uncrackable security. No hanging chads. No 6 million dollar recounts. Monero ain’t gonna do that. Factom, or something like it, might.