A new cryptocurrency named CoronaCoin (NCOV) has recently been launched, claiming to backed by the widely spreading coronavirus. The idea for the cryptocurrency is birthed by the outrageous effect of the deadly virus on the health of infected victims, causing countries to take severe measures over its spread.
Per the Reddit user who announced Coronacoin in a post earlier this week, the Reddit post, the total supply of the ERC-20 token will depend on the world population with each living person entitled to one Coronacoin.
The token’s total supply will be burnt every 48hours as infected victims increase with another primary objective of the anonymous team being to spread awareness of the deadly disease across the board.
The potential benefit of holding the cryptocurrency is that investors will realize more profit as the virus continues spreading. It is crazy but true to say that investors will have to start hoping for more infected people as this will make their NCOV value keep rising.
Another revelation as per the CoronaCoin website is that a significant part of raised funds would be donated to Red Cross for nCov relief.
The plan of distributing nCov is firstly through an airdrop, while later on, a game that will allow people to accumulate NCOV while playing will go live.
With pieces of information from the website, potential investors are advised to purchase the new token, especially from decentralized exchanges including newly launched McAfeeDex. The coronavirus is spreading wide outside the Chinese borders. And new cases are arising from cruise ships recently.
As many families will be mourning over the casualties of the deadly virus, investors of NCOV are someway rejoicing over the increasing value of the token.
Is CoronaCoin a Scam?
The question that every potential investor into the new CoronaCoin will ask is whether the token is designed to rip investors of their hard-earned money or be used for a pump and dump scheme.
That may appear to be the case at the moment since the token is designed in an overly deflationary manner that many token issuers have tried out in the past with little to no success.
It will take a significantly considerable effort in terms of marketing, for the token to gain full acceptance and thus increase in value. However, the rapid spread of nCov and naive investors in the crypto space means that one cannot entirely rule out the chances of that happening.