The situation in Ukraine is growing tough as Russia refuses to back down. As this man-made catastrophe continues, the toll of life increases and the impact of it is being felt across the world. There was no surprise that this event has even hit the stock market and the crypto market, but what was astonishing is the rise of the Putin coin [PUT] which was rallying 130% higher in the past 24-hours at $0.003966.
Putin Coin
Putin coin made an appearance in the cryptocurrency world around the previous bull run in 2017. Created by ardent supporters of Russian President Vladimir Putin, the token crawled out from its grave over the past couple of days and has been witnessing a rise in trading volume and the price.
As per data provided by CoinMarketCap, PUT started to trade in green from 8th January 2022 and was valued at $0.0002513. The 24-hour trading volume of the coin was nearly negligible at $1,857. However, after the price hit $0.0007541 on 18th January, the consolidation began. This was the beginning of rising tensions between Russia and Ukraine.
The token noted another boost in value on 5th February and jumped to $0.001138. It continued to trade at close to the $0.001128 price level until 22nd February after which it entered a massive volatility phase. On the same day, Russian President Putin slammed western countries and even recognized the independence of Ukraine’s separatist regions within their administrative border.
By 25th February, the value of PUT hit $0.004065 and its 24-hour trading volume had crossed $100k. The market capitalization of the coin has also hit $82.56 million.
Behind the PUT token
The Twitter page of the project that goes by @PutinCoinPUT has a little over 6,000 followers. According to its website, the PUT supply was over 20 billion with the top 25 wallet addresses holding 19 billion of the coins. This 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 held 9.275 billion PUT coins. Nevertheless, the wallet address has remained inactive for the past 58 days.
The other addresses holding PUT between 0.00% and 0.005% have remained active in the market.
So where does the Putin coin trade?
As per the website, currently, five exchanges have listed the PUT coin. These include Folgory, Crex24, Emirex, HeloCoins, and Bololex.
Folgory listed the token recently on 22nd February, which could have been a contributor to the price ascending. As per the announcement on the putincoin.org website, PUT became the main pair on the exchange. This allowed the users to not only trade PUT/BTC but also PUT/ETH, PUT/USDT, and PUT/EUR.
The announcement read,
“We are proud to announce a new cooperation with FOLGORY exchange. PUTinCoin has been listed as MAIN PAIR!”
Back from the dead… but not really
Putin coin had remained a dead project after its participation in the 2017-2018 bull run. The asset hit an all-time high of $0.1928 on 29 November 2017 and was trading 97% lower currently. To put things in perspective, after the bull run ended in 2018, the coin began to lose momentum and spiraled to a value of $0.0000092 on 2nd July 2020. Compared to its value today, this was 43,112% lower.
Thus, the gains were tremendous in the short term. Also, it should be noted Putin coin was considered to be a ‘shit coin’ like many others in the field until a couple of years back. With war waging on one side and sanctions being slapped on Russia, the coin could play a lucrative role. It would be beneficial to keep an eye on the project as we move forward.