Believe Bitcoin’s A Bubble? Well Oscar Mayer ‘Bacoin Cryptocurrency’ Just Collapsed 93% Believe Bitcoin A Bubble?

Bitcoin bears often a times ridicule the dominant cryptocurrency as a speculative bubble, but let them take a look at the instability of Bacoin, a bacon- supported “cryptocurrency” launched by Oscar Myer.

Firstly, Bacoin is not a cryptocurrency. Instead, it is a cleverly-branded promotion that makes use of instant win game or “mining” to offer bacon coupons whose values float according to user engagement. Yet, according to BAC’s price trend, “float” is a relatively nicer description.

For instance, on Tuesday, the Bacoin price skyrocketed to 14 slices, rising just two hours earlier from five slices.  Yet, at this time, the Bacoin bears seemed to gain traction, and the token’s value immediately dropped by 93 percent to 1 strip of bacon, where it still remains sluggish.

The decline might be related to the fact that for some unknown reason, the Bacoin promotion is divided into two stages, with the first phase ended on Monday.

Definitely, there are some points that need further justification.

But given that Bacoin is not an actual cryptocurrency, it does not trade on an exchange. Instead, its value is connected to the suspicious metric of social media engagement. The token’s value increases as more users hare the Bacoin promotion, increasing to a peak of 42 slices of bacon, shared in the form of a coupon for three 1lb packs of Oscar Mayer bacon.