The FOIN token hit 99.5% in a matter of hours - the Ukrainian project team named the reasons
crypto·@dennissimo·
0.000 HBDThe FOIN token hit 99.5% in a matter of hours - the Ukrainian project team named the reasons
 The FOIN project published a statement explaining the reasons for the catastrophic drop in the price of the token of the same name from $ 2980 to $ 4.7 during the first days of the new year. The FOIN token appeared in July 2018 and its quotes increased from $ 400 to $ 2640 per coin in mid-December 2019 (CoinGecko). On December 15, the project-related cryptocurrency payment service FoPay announced the purchase of the little-known AliExchange cryptocurrency exchange for 1 million FOIN. According to the coin, at that time the transaction amount exceeded $ 2.6 billion. Back in November 2019, FoPay suspended the withdrawal of tokens from the wallet until December 2, citing technical and administrative reasons. The ban was extended until December 15, and in connection with the takeover - until the end of the year. On December 23, the price of the token reached a maximum of $ 3640, but then fell slightly. On January 2, within a few hours, FOIN quotes fell from $ 3,110 to $ 11 per coin. At the moment, the token is trading below $ 5. The FOIN token appeared in July 2018 and its quotes increased from $ 400 to $ 2640 per coin in mid-December 2019 (CoinGecko). On December 15, the project-related cryptocurrency payment service FoPay announced the purchase of the little-known AliExchange cryptocurrency exchange for 1 million FOIN. According to the coin, at that time the transaction amount exceeded $ 2.6 billion. Back in November 2019, FoPay suspended the withdrawal of tokens from the wallet until December 2, citing technical and administrative reasons. The ban was extended until December 15, and in connection with the takeover - until the end of the year. On December 23, the price of the token reached a maximum of $ 3640, but then fell slightly. On January 2, within a few hours, FOIN quotes fell from $ 3,110 to $ 11 per coin. At the moment, the token is trading below $ 5. In a statement, the FOIN team explained the token price drop by the fact that the distribution of coins ended on January 3, and after the blocking ended, the exchanges were flooded with new owners trying to sell their assets. Allegedly, only approved, experienced crypto traders participated in the trade, who are “well aware of the dynamics of the market, the ratio of supply and demand”. Among the other factors of quotation reduction in the project, they called the general bear cryptocurrency market, a decrease in trading volumes and fraud with FOIN tokens in Telegram. “As soon as the coin arrives on the exchanges, the team that launched it no longer has control over prices, and cannot compensate for any losses, no matter how much it wants to intervene and help,” the statement said. FoPay is owned and operated by FOINS BLOCKCHAIN LLC, a company registered in Kiev as a limited liability company. The sole owner of FOINS BLOCKCHAIN is a citizen of Moldova, Dmitro Lungu, and the head is Evgeni Petelin. The teams of the FOINS, FoPay and FOINS BLOCKCHAIN projects announced the adoption of a number of measures to restore the price of the token. These include new partnerships, listing tokens on other exchanges, conducting airdrops and even improving the financial literacy of investors. Recall that at the end of last year, the price of the Matic token increased by 180% in two weeks, and then fell by 70% in a few hours.