Blockchain pull-payment platform PumaPay (PMA) suddenly shot up by almost 600 percent today, from $0.001 to almost $0.06 at one point, finally retracing to $0.004 where it appears to have settled.
The exact reasons for the sudden pump are unclear but usually, these market movements are the result of an exchange listing a coin but not immediately making it available for trade.
PumaPay‘s market cap is $67 million and its 24-hour volume is $7,500, up from approximately $2,000 earlier today. The digital asset was launched on 22 March this year and has a maximum supply of almost 16 billion coins.
The open-source payment protocol offers a method of payment designed to compete with credit cards. It claims it is more efficient, flexible, cost-effective and scalable than current credit card systems. It is available for trade with other cryptocurrencies on various exchanges including HitBTC, IDEX, and CoinBene, although doesn’t appear to be available for purchase directly with fiat currency.
Considering the coin has been trading horizontally at around $0.001 since its inception, I would imagine this sudden spike is the result of an exchange error or listing and will likely correct soon.