Massive Mirror Protocol (MIR) Losses Follow Christmas Price Spike
Timothy St. John • 2 min read
One of the most notable cryptocurrency rate drops we have seen following the Christmas holiday is what Mirror Protocol (MIR) is going through right now. This token creates mirrored version of other currencies, and it saw a huge rate increase on December 25th. Today, the coin is down 10.68% to a price of $0.1378 (MIR/USD), following the downtrend of other notable cryptocurrencies.
The Christmas Rush
We saw MIR shoot up on Christmas day from $0.09081 to $0.24000. This 166% change happened very quickly, in the space of about six hours. What is significant is that the MIR price did not immediately drop. Two hours after the spike, the rate had fallen down to $0.1446, and then it stabilized there. This was a gain of roughly 60% that did not seem to be going anywhere.
Over the next few days, the MIR price shot back up (though not as high as before) and then trended back down to a low of $0.121. Significant gains were still there.
The MIR Decline
We saw another surge from Mirror Protocol, up to $0.1613 on Thursday. The coin has trended downward since then, though, leaving it in a bearish run that it may not recover from for several days. That Christmas surge is definitely behind us, and we do not expect a repeat anytime soon.
What caused the massive surge on Christmas day, though? Analysts are labeling it as a pump-and-dump scheme in the face of an imminent Binance delisting. MIR has a trade volume of $62 million right now, which is down 13% from the previous day.
It does not look like investors are hopeful that this one will recover. We are not hopeful for an MIR resurgence either, as this coin could be breathing its last few gasps of relevance before the Binance delisting occurs. At that point, MIR will be more difficult to purchase, and that could mean far fewer buyers and less overall interest in the token.