The situation in Ukraine is getting difficult as Russia refuses to back down. As this man-made catastrophe continues, the number of lives is increasing and the impact of this is being felt across the world. It was no surprise that this event hit the stock market and the cryptocurrency market, but what was surprising is the rise of the Putin coin. [PUT] which was up 130% in the last 24 hours at $0.003966.
Putin’s coin appeared in the cryptocurrency world around the previous bull run in 2017. Created by ardent supporters of Russian President Vladimir Putin, the token has crept out of its grave in the last couple of days and has witnessed a surge in trading volume. it’s the price.
According to data provided by CoinMarketCap, PUT began trading in green from January 8, 2022 and was valued at $0.0002513. The coin’s 24-hour trading volume was almost negligible at $1,857. However, after the price hit $0.0007541 on January 18, consolidation began. This was the beginning of rising tensions between Russia and Ukraine.
The token saw another rise in value on Feb 5 and jumped to $0.001138. It continued to trade near the $0.001128 price level until February 22, after which it entered a phase of high volatility. On the same day, Russian President Putin criticized Western countries and even recognized the independence of Ukraine’s breakaway regions within its administrative border.
On February 25th, the value of PUT reached $0.004065 and its 24-hour trading volume exceeded $100K. The coin’s market capitalization also reached $82.56 million.
Behind the PUT token
The project’s Twitter page that goes through @PutinCoinPUT has just over 6,000 followers. according to your web site, the PUT supply was over 20 billion, with the top 25 wallet addresses holding 19 billion coins. That was almost 92% of the total supply.
However, even among the top 25 wallet addresses, there was only one that held 44% of the total supply. The address, PPZprVczNEZDekZDwy2cdLHAfsJKhpKDXT, contained 9.275 billion PUT coins. However, the wallet address has remained inactive for the last 58 days.
The other addresses with a PUT between 0.00% and 0.005% remained active in the market.
So where is Putin’s currency traded?
According to the website, currently, five exchanges have listed the PUT coin. These include Folgory, Crex24, Emirex, HeloCoins and Bololex.
Folgory recently listed the token on Feb 22, which could have contributed to the price spike. According to the announcement on the putincoin.org website, PUT has become the main pair on the exchange. This allowed users to not only trade PUT/BTC, but also PUT/ETH, PUT/USDT and PUT/EUR.
O announcement reading,
“We are proud to announce a new cooperation with FOLGORY exchange. PUTinCoin has been listed as TOP PAIR!”
Back from the dead…but not really
Putin’s coin remained a dead project after its participation in the 2017-2018 bull run. The asset hit an all-time high of $0.1928 on Nov 29, 2017 and was currently trading 97% lower. To put things in perspective, after the bull run ended in 2018, the coin started to lose momentum and rose to a value of $0.0000092 on July 2, 2020. Compared to its value today, this was 43,112% lower.
So the gains were tremendous in the short term. Also, it should be noted that Putin’s coin was considered a ‘shit coin’ like many others in the field until a few years ago. With the war raging on one side and sanctions being imposed on Russia, currency can play a lucrative role. It would be beneficial to keep an eye on the project as we go along.