Peercoin pares gains as bears threaten PPC comeback
Peercoin (PPC) is one of the earliest cryptocurrencies, having launched in August 2012 to pioneer the Proof-of-Stake (PoS) consensus.
Peercoin price: bears threaten as price drops
Most cryptocurrencies that failed to recover following the 2018 bear market continue to struggle after also underperforming during the 2021 bull market.
Peercoin, whose price reached highs of $9.45 in January 2018, is such a coin.
At prevailing prices, PPC is nearly 95% down from its all-time peak. It only saw mild gains in 2021 and has lagged other altcoins so far.
However, this altcoin saw some upside action in recent weeks amid a confluence of factors. These included a fresh burst in network activity, Bitcoin’s push to new highs and broader market optimism.
From lows of $0.33 in April, the native token of this proof-of-stake cryptocurrency rose to above $0.55. Nonetheless, the current price is around $0.43, down 2.4% in 24 hours and 7% this past week as bears reappear.
If the upside fades and sellers take over, Peercoin price will likely retreat to $0.35 or lower. On the flipside, a breakout could push bulls to the $0.66 threshold reached in May.
Can Peercoin bulls stage a comeback?
After fading off big time amid the 2018 bear market, Peercoin has looked for a comeback this year with a new focus on smart contracts and the decentralised applications (dApps) market.
In a recent blog post, the Peercoin Foundation highlighted off-chain execution of smart contracts as part of the technological innovation aimed at enhancing privacy, scalability and lowering network fees.
With these developments, Peercoin eyes a foray into the dApps market via verticals such as prediction markets, binary options, futures and other oracle-powered functionality. The project also eyes traction in the cross-chain bridge space and recently completed a major milestone with activation of its v0.14 in June.
The recent network update allowed PPC holders to benefit more from minting with wallets able to maximise rewards. With coinstake transactions optimised, wallets can now target output amounts that offer higher returns.
Peercoin’s PPC and wPPC tokens
Peercoin native token PPC has run for over 11 years the blockchain network launched.
Currently, PPC is available across several exchanges, including MEXC, AltQuick and StakeCube. Peercoin has a total supply of 29,021,039 PPC tokens and a fully diluted market cap of $12,605,437 at the time of writing.
The other version of PPC is the wrapped peercoin (wPPC), which is a synthetic token backed by the native Peercoin token.
wPPC tokens exist on Ethereum Virtual Machine (EVM) blockchains, including Ethereum and Polygon. The wPPC token, tradable on Uniswap, burns when users unwrap peercoins.
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