Big crypto confusion pumps up Titan coin as IRON’s TITAN token sinks
A massive confusion cooking in the realms of crypto space has propelled a relatively unknown coin to the centre of attraction.
Tokens named IRON Titanium Token (TITAN) and Titan Coin (TTN) have been buzzing in the markets over the last two days. The misunderstanding caused by similar trading titles led Titan coin to skyrocket by 900 per cent (8:30 AM EST) on Friday, June 18.
On the other, the Titanium token tumbled to almost zero from its all-time high of US$ 65 on Thursday, June 17. Based on decentralized finance (DeFi) protocol, the token grabbed headlines earlier this week after its market cap plunged from US$ 2 billion to near zero within 24 hours due to investors’ panic sell-off.
Shark Tank’s Mark Cuban was also ‘hit’ by this sudden crash, which Iron Finance defined as “the world’s first large-scale crypto bank run”. However, the billionaire did not reveal his total investment.
On the other hand, lesser-known Titan Coin soared to a lifetime high after crypto investors mistook it as the IRON Titanium token and started buying the dip in the wrong coin.
A similar ticker confusion ensued in the US equity markets last year. Stocks of Zoom Technologies Inc. (OTCMKTS: ZTNO) rallied in March 2020 after investors mistook it for the stocks of virtual meeting platform Zoom Video Communications Inc. (ZM:US, NASDAQ: ZM). Later, the US Securities and Exchange Commission (SEC) suspended trading Zoom Technologies stock for a day to clear this confusion.
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Titanium token was trading at around US$ 0.000008535 apiece at the time of writing this, up 10 per cent in the last 24 hours. The project and crypto token operate on Polygon’s (MATIC) blockchain platform. Mark Cuban has also invested in Polygon’s crypto tokens that he disclosed on May 30.
Crypto analysts alleged that Cuban is the sole provider of IRON’s DeFi wallet on the Polygon network. Panic sell-off ensued after crypto whales started selling their TITAN tokens. On top of that, the coin holders began suspecting the end of the DeFi project.
What’s Titan Coin and what are its price predictions?
Titan Coin (not IRON’s Titanium Token) has a market cap of US$ 20 million and over 910 million tokens in circulation. The cryptocurrency enables peer-to-peer transactions across the globe. It also offers an international debit card ‘TTNEX’ and claims to charge low processing fees. Titan project also provides digital payment services through its Titan Apps.
The project team claims providing eco-friendly mining technology that can overtake the existing power-hungry equipment like application-specific integrated circuits (ASICs). This technology may support graphics processing units (GPUs) to solely mine Titan Coin.
On price predictions, the crypto analysts expect Titan Coin (TTN) to hit the floor anytime due to the confusion-fuelled rally.
