Loser Coin Posts Impressive 180% Gains After CoinDesk Criticism

The meme project has surprised many with its rise, and raises an interesting perspective of the market thanks to its origins.

Loser? Not Exactly

What project names itself a Loser and “gains” for itself impressive followership and market capitalization?  Loser Coin! You heard right. A project apparently dubbing itself “Loser Coin” has been gaining jaw-dropping valuation since its creation. But what has caused this interesting reaction from the Chinese community? Is it the flack from CoinDesk, or is there truth to the project’s claim of a project for the downtrodden and unlucky in the investment circle?

Why the Success for Loser Coin?

The project insight first appeared in the CoinDesk publication last month, where CoinDesk writer MuyaoShen gave an insight into what the project goals feel like. Quite apparently, the project is another type of meme/joke token created to target and appeal to a specific section of the Chinese investing community who feels they have been dealt an unfortunate hand of fate.

The project website feels like another write-up for the downtrodden investors finding succor in their losses—a place where “losers” alike meet together. The founders claim to have missed the Bitcoin bull market, and have come together to salvage what is left, with no hope to protect the market (in the event of a sell-off) and to avoid rugpulls.

Chinese Involvement

But what has caused the interest of the Chinese community? For one, the Chinese audience sees the project as a reflection of themselves, which validates its relevance to them. The majority of cryptocurrency market losses are first heavily felt by the small traders. This fact is especially relevant for the small Chinese liquidity investing community, who believe that they are small individual domestic players often exploited by the big players/institutions, a type of self-deprecating culture deeply rooted in China.

Chinese Market Response

The majority player in the trading sector in the cryptocurrency industry anywhere in the world is the low liquidity trader (traders with less significant trading power). And this specific group of traders is known to be the biggest losers in the case of a market meltdown, so it’s no surprise to find this group of traders in the Chinese market majority and to see a positive response to Loser Coin.

CoinDesk reported that the community project started gaining attention after the project concluded an Ask Me Anything (AMA) session which went viral on the Chinese app WeChat where the project owners appeared sincere with their response to the community, and garnered interest and trust for themselves.

This quickly moved to the Loser Fan Page creation, where users/holders alike gathered to share their experiences of the market events. Letdowns that have led to them losing their money, and generally a self-deprecating blog page that seeks to remind them about the certainty of being a loser while encouraging members to keep holding LOWB – the Loser Coin Token.

How is LOWB Doing in the Market?

LOWB, the Loser Coin Token, is a derogatory term expressed in the equivalent Chinese spelling. It emphasizes the project cores of being a token for the unfortunate market players and positioned to be traded by traders who seek refuge, oneness, and familiarity as a “loser” in the market.

$LOWB has surprisingly done 200% in the last seven days at the price of $0.00053480 per token at time of writing, similar to other memes/joke coins with an incredible/infinite amount of supply – which hasn’t seemed to matter to its current success. One hundred billion loser coins are outstanding, including 20 billion distributed by airdrops, 20 billion to mining pools, and 50 billion for liquid mining “in the later stage,” according to the project’s website.

In Conclusion

Is $LOWB a true reflection of the major small liquid traders’ fate in the market, or just another meme token with a spice of CoinDesk flack? That is the question that is surrounding the project, with both detractors and supporters coming forward with their opinions. But the fact that the market also constitutes losses is true for traders who are not disciplined, knowledgeable, and do not apply risk management principles as contained in our Trading Toolkits on financial risk and  risk-reward ratio. For these users, Loser is a champion of their plight, and the believers in the coin don’t plan on dropping their support. 

Source : bsc.news