New Cryptos: USCR Price Crash

USCR (United States Crypto Reserve) is a new token that entered the crypto markets just last month. 

After several weeks of a slow price increase, a mini-bubble inflated in recent days, which then burst the day before yesterday. 

The USCR Crypto

USCR is a new crypto on the Solana blockchain that celebrates the United States Crypto Reserve, which is the cryptocurrency reserve of the USA. 

It is important to specify, however, that it actually has absolutely nothing to do with the real US crypto reserve, but is merely a token that exploits its name. 

This also means that the success or failure of the official US cryptocurrency reserve does not necessarily have to impact the price of the USCR token.

USCR is defined as a community-driven crypto project, meaning it is based on the community. This implies that its price primarily fluctuates based on how much its community buys and sells it. 

It is based on a verifiable on-chain portfolio of crypto assets, such as BTC, ETH, XRP, and ADA, with a total value exceeding 1 million USD. The community can vote to manage and grow the portfolio, in a transparent and theoretically decentralized manner.

Technically, it is a memecoin with governance elements, thus carrying all the risks of a memecoin but also having something tangible underneath. 

The Price of USCR

When the USCR token landed on the crypto markets, before mid-October, its initial price was less than 0.2 thousandths of a dollar. 

However, already the following day it had risen to 25 thousandths, indicating that the initial price was probably excessively low. 

Starting from those 25 thousandths reached the day after its debut on the crypto markets, an initial rise began, concluding about ten days later at approximately 60 thousandths of a dollar, but followed in turn by a slight correction. 

It should be noted that that correction had brought it back around 30 thousandths.

In the second half of the month, there was a second surge, which brought it to nearly 90 thousandths of a dollar by the end of October. 

At that point, after a brief correction lasting less than a week, the mini-bubble began to inflate. 

The Mini-Bubble

Initially, at the beginning of November, the price of USCR actually only managed to climb back above 80 thousandths, but starting from November 9, it began to rise almost continuously, and in a parabolic manner, reaching a peak even above 200 thousandths just three days later. 

It was evidently a brief speculative bubble, which indeed burst on the very day it reached its peak, that is, the day before yesterday. 

It is noteworthy that on Wednesday, November 12, the significant correction of Bitcoin began, which is still ongoing, with the break of the support level set just above $102,000.

The mini-bubble in the price of USCR completely burst within just 24 hours, with a low peak yesterday at approximately 15 thousandths of a dollar. 

This is a low point not only below the mid-October correction but also lower than the price reached the day after entering the crypto markets. 

Despite this, it has already bounced back, having returned above 40 thousandths of a dollar. It is worth noting that the current price level is already higher than the 30 thousandths reached during the mid-October correction. 

Therefore, it is an entirely speculative crypto, whose price can fluctuate significantly in the short term, and so far it has proven to be easily subject to intense speculation. 

However, it will be necessary to understand whether this trend will persist over time, or if, as has already happened with many other memecoins, interest will wane over time.