Fluctuations in the market, high volatility, skyrocketing prices are nothing new for the crypto market. Well, some instances fallout. The latest instance is the Paragon coin. It’s true that the market has gained a lot today, but between the steady growth, Paragon gained 9,690% growth in just 24 hours gaining the price of 10$ from 10 Cents which was yesterday. At the time when the market is experiencing slow movements, the boom for paragon is exceptionally brilliant.
What is Paragon?
Paragon is a crypto blockchain project that focuses solely on the Cannabis Industry. The project uses the paragon coin to facilitate the exchange of funds within the network. The company also operates a co-working space for businesses in the cannabis industry, referred to as “WeWork For Weed”.
A little while ago, the currency was being traded at $0.105. the currency wasn’t making any deadline and flying under the radar for most of the investors. Just an hours later, it made the most incredible rise of all time in Crypto’s ten-year history.
The currency quickly gained 1,500 percent growth to hit $1.68. This was quite noteworthy given the very slow movements in the crypto industry for the past 3 days. Believe it or not, it was just warming up for the breakthrough.
The quick correction was made for the drop back to $0.39, then the currency left the atmosphere with an escape velocity up to $10.28. From an earlier $0.105, paragon gained 9,690% growth in 24 hours. The price couldn’t stay there for long, and came down to $5.21, which is almost a 50% decline after the rise, the went lower to $0.44 in three hours. Which again boomed up to $3.11 where it stood for some time.
Most of the trades in Paragon came from STEX Crypto exchange which ranks 72nd in the crypto industry according to CoinMarketCap by trading volume. The interesting fact to know here is that the exchange facilitated $4.4 Million of trades in past 24 hours and out of this number, $3.9 was Paragon, accounting to 88 percent of the entire trading volume.
The Cannabis Controversy
Naturally, when a cryptocurrency comes which says it deals with cannabis, it usually attracts the attention and stays there for a little while maybe because of the controversy. But Paragon went to a next stage. It courted every controversy at every possible opportunity.
In November this year, the SEC issued a cease and desist order to the company, this was pursuant to the Securities Act of 1933, under which Paragon coins were considered to be a security.
Jessica Versteeg, the CEO of Paragon stated that the company had been working on a settlement on mutual consent and it won’t refund any of its investors after the SEC asked them to issue this to the company’s investors.
She described the settlement to be:
“trailblazing deal that we expect will serve as the model for compliance for ICOs going forward.”