Monacoin cryptocurrency surges, registering the largest increase since August

Japan’s native cryptocurrency, Monacoin (MONA), surged suddenly on September 14, recording a day-over-day increase of 17% in terms of percentage change. MONA rebounded sharply, having being oversold after continuing a trend of hitting fresh lows since August. The moves also followed observations in the latest report issued by the Japan Virtual Currency Exchange Association (JVCEA), which stated that the Japanese market was starting to buy more MONA again.

 

Monacoin is Japan’s first home-made cryptocurrency. It was developed in 2014 by a person who identifies himself as “Mr. Watanabe.” Its main users are Japanese. It is a popular cryptocurrency among Japanese people because multiple cryptocurrency exchanges handle MONA in Japan.

 

MONA surged after Japan’s leading cryptocurrency exchange Coincheck listed MONA on June 5. However, the price had shown a downward trend since then, approaching 100 yen on September 13.

 

Meanwhile, according to the statistics of 18 member cryptocurrency exchanges published by JVCEA on September 10, holdings of XRP, MONA, and LTC, which had remained low, began to increase from the beginning of 2019, amid a sustained decline in holdings of major Bitcoins (with profit-taking probably affected by the BTC price surge). It was reported that a notable increase in the growth rate of MONA holdings was confirmed in June and July.

 

*This article was written by FISCO.