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Coronavirus Based Cryptocurrency CoronaCoin Enters the Crypto Market

In a rather strange and unfortunate event, CoronaCoin was launched on Sunday. Based on the ERC-20 protocol, the coin is backed by the deadly Coronavirus, which has already affected tens of thousands of people in China and elsewhere. As per a Reddit post, crypto users bet on the spread of the terrifying disease by investing in the CoronaCoin (NCOV). The NCOV token will become more and more valuable with the spread of the Coronavirus. The post further stated,

“CoronaCoin (NCOV) is a ERC20-compliant token. The total supply is based on the world population (7,604,953,650 NCOV) and the token will be burnt once every 48 hours depending on the number of infected people and fatalities, so the token is deflationary and also non-mintable.”

Coronavirus has been declared as a global emergency by the World Health Organization, and the situation is getting graver by the day. As of date, the virus, now known as COVID-19, has claimed more than 1700 lives, with more than 70,500 positive cases reported. Several millions of people have been quarantined in at least 15 cities throughout China, along with a quarantined cruise ship named Diamond Princess in the port city of Yokohama, Japan.

While the crypto community members like Binance, TRON, Qtum, etc. are taking measures to help the victims, releasing a token that wants people to bet on the spread of the virus is absolutely disgusting. As per the NCOV’s website, a portion of the funds will be donated to Red Cross to help those infected with COVID-19, though no specific number is given.

However, if the intention is to help the victims, there are several other ways to do so instead of encouraging investors to hope that more people get infected so that the value of their holdings rise. The company is also running an airdrop for the CoronaCoin, and each new user address will get 100 NCOV each. The token is available for sale on trading platforms like Saturn, Forkdelta, LogicDex, McAfee DEX, Uniswap, Etherdelta, Tokenjar, and VAYLADEX.

The coronavirus is already turning out to be a big threat to the crypto industry, with operations and volumes expected to experience serious hits. The disease is showing no signs of slowing down, and new cases from around the globe are being reported every day. Apart from China, the Coronavirus has been reported from countries like Japan, Germany, Thailand, Taiwan, South Korea, India, France, the US, the UK, etc., though most of the victims had visited China during or just before the outbreak.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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