Coinsuper Climbs to the Four Leading Digital Exchanges
As a cryptocurrency exchange with almost no public presence, Coinsuper has managed to pull itself to the four major crypto-exchanges. As of now, the company is on part with the three leading exchanges, Binance, OKEx and Houbi.
Coinsuper was ranked as the 16th earlier and managed to climb to the top four in only one month. Although unexpected rises are a certain possibility, Coinsuper’s climb to almost one billion dollars in volume has spread worries and drawn suspicion into the possible alteration of exchange volumes, an illegal act seen in other platforms.
The exchange has already introduced its native currency, the CEN. As of now, the coin is not part of CoinMarketCap’s listing to continuously maintain and keep the digital exchange operational as part of its network. Mining for CEN will begin on the 16th of July. According to Coinsuper, its mining operations will act as a reward system on the platform. Despite a lack of mining for coins, users on the platform will see zero-fee costs and possible rewards racking up to 500 native coins by operating on the digital trading platform. While it doesn’t exactly count as illicit modifications to its volume, this may still be a method of boosting the currency’s value.
In a report, the company stated that mining activities will be transparent on both the home and account pages. Once a user passes the limit placed on trading, the regular costs of transactions will be applied and said user will not receive the 500 CEN bonus. Coinsuper’s climb to the top four continues raising suspicions as part of a trending series of newly launched markets posting incredibly new volumes.
Bitforex, another digital exchange, was the target of heavy criticism after launching their NOBS tokens which immediately saw impossible volumes. One user warned against these newly emerging tokens, explaining that many of them provide misleading information and provide caps at around $600 million.
Cryptocurrencies native to their platform and their distribution is forming concerns and raising suspicions, despite no report of heavy losses and unsuccessful transactions. These concerns are revolving around an asset and its hyper-advertisement, only adding to the concerns in sight.
While a few claims that certain digital currencies can experience unpredicted boosts, a few exchanges like Bibox and its native token, BIX, are seeing suspicions aimed at them as well. Digital currencies, given their volatile nature, are bound to several highs and lows and an oversized cap such as the ones displayed by some of these companies raise suspicions as to the validity of certain requests. Exchanges are also designing and launching their native tokens and promoting no-fee policies and incredible volumes to climb in rank and launch initial coin offerings at absurd prices.
Conserving digital assets may be a less favorable tactic due to the uncertainty behind security and several features of a coin.