Tezos [XTZ] prices dip by 20% after MainNet launch 23367
News
Priyanka Babu
Sep 18, 2018 at 9:05 PM

After a long wait, Tezos [XTZ] launched its mainnet on Monday. This marks the completion of the second and the last phase of the network marking its official launch. The company believes that with the official launch of its mainnet it will evolve into a' world-class blockchain product' and also begin full production as an enterprise.

Tezos prices skyrocketed after a tweet which confirmed that the mainnet launch would happen on Monday. The coin soared 20%, crossed R$1 billion in market cap and also surpassed NEM in terms of market capitalization. Tezos is now positioned at no 17 on the list of top 100 cryptocurrencies. However, the buyers seem to have lost all interest in Tezos after the mainnet launch.

Unexpected drop

After the mainnet launch, the coin prices declined drastically. The prices which shot up by 20% after the announcement of the upcoming Tezos mainnet launch fell by the same rate after the actual mainnet launch. The prices lost over $170 million in terms of market capitalization and fell by 20% in just over an hour. The prices which were trading at $1.65 started trading below the major resistance level of $1.50. The coin is currently trading at $1.49 and is dipping by 9.5%.

Tezos [XTZ] prices dip by 20% after MainNet launch-BCFocus

The crypto ledger has been plagued by a number of controversies ever since its blockbuster ICO in 2017. It seemed to have deviated from its roadmap in October last year when its co-founders Arthur and Kathleen Breitman accused the firm's president Johann Gevers of drawing up his own contract. He allegedly used the contract to compensate himself generously.

See Also: Tezos [XTZ] prices spike on the scent of Mainnet launch, surpasses NEM [NEM]

                   Bitmain CEO slams Craig Wright over proposed Bitcoin Cash hard fork; tells him to “f*** off”

Image via Shutterstock

Join our Telegram group