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The price of PIVX jumped sharply on Wednesday, even as prices of other cryptocurrencies plummeted. The token rose to $0.2265, its highest level since August 28th. At its peak, it was up more than 44% from its low this week.
The price of PIVX defied gravity on Wednesday despite a crash in the prices of other digital coins. .
First of all, PIVX is a privacy-focused cryptocurrency that emerged as a hard fork of Dash. Dash, on the other hand, was created from a hard fork of Litecoin, his one of the oldest cryptocurrencies in the world.
There are four main types of transactions in PIVX. First, there are transparent transactions in which all sender and receiver addresses are exposed. Second, there are unshielded transactions, where a shielded address sends funds to a transparent address.
The third is a shield transaction sent by a transparent address to a shield address. Finally, there are shield transactions where a shield sender sends to another shield address.
Another feature of PIVX is to reward users for simply holding tokens. According to its website, his average daily reward for the token is 2.52 PIV, with an estimated annual yield of 9.18%. Total supply locked in masternodes rose to 24.53%.
It is unclear why the price of PIVX is soaring while other cryptocurrencies are crashing. A possible reason is that this could be a pump and dump scheme. In 2021, users complained after he lost more than $112 million in a token pump-and-dump scheme.
The 4-hour chart shows that the PIVX price jumped to a high of $0.3450 on August 27th of this year. This was a 140% increase from the month’s low. After that, the demand for the coin plummeted, and after moving to the circulation stage, it fell free.
As the coins fall, they form a falling wedge pattern, shown in black. In price action analysis, this pattern is usually a bullish sign and explains why the price has increased. Still, with low volume still, the coin may return to a bearish trend soon.
