Patron’s (PAT) price shot up nearly 3,000% today. Just two days ago, Patron was priced at $0.002275 (PAT/USD) per token. Today, it’s up to $0.06951. The price just keeps going up, as it is doubled in value already this morning.
Patron- Bullish or Bearish?
Patron has a potential to flare out very fast, with investors buying it up as they see the price soar and then selling once they make their profit. A coin that is as bullish as this one is likely to be very volatile, especially when it is standing on such tenuous technical ground. it may do exactly what NinjaFloki (NJF) did just a few days ago, shooting for the stars and then falling back down to earth.
Patron is meant to be a cryptocurrency for the influencers, offering an open-sourced decentralized token that operates on the Ethereum platform and already has 400 million tokens available. Most of those are in circulation at the moment, but there are concerns that this token is a scam for its founders to get rich quickly and then abandon.
Patron has been around since 2018, where it reached $0.13 its first day on the market. The price fell considerably since then, doing very little through much of 2020 compared to its bouts of strong activity that bookended that year. The story was different in 2021, when the crypto shot up again, achieving a high of $0.05145, but nowhere near its promising start.
Now, Patron is seeing one of its biggest gains, and in two days has managed to be the biggest earner on the cryptocurrency market when compared to its recent performance. That nearly 3,000% increase is worth paying attention to, but there is no guarantee it will stick. There is a lot of risk that the rate will fall off quickly as investors sell their tokens before the rate drops, creating a fear that fulfills itself.
Patron’s trade volume is up as well, about 2,300% over the last 24 hours, and that’s going to make the price very volatile. Anyone hoping to jump in now and take advantage of the soaring rate should be cautious that they could easily lose it all.
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