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In just over a month after listing it reached $3.47 on Monday, giving it a market cap of $613 million.
Its price has quadrupled since Jul. 23 when it was listed on the world’s biggest cryptocurrency exchange, Binance.
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Coin98's market cap. Photo courtesy of CoinMarketCap. |
Its market cap has dropped to $580 million Tuesday.
The company behind the cryptocurrency, Coin98 Finance, was founded by Le Thanh and Nguyen The Vinh.
This year, it has raised at least $5.25 million from U.S. investor Alameda Research and others.
The first Vietnamese cryptocurrency to exceed $600 million in market cap was AXS by blockchain-based game developer Axie Infinity. It is now worth $2.5 billion.
Other cryptocurrencies developed by Vietnamese include KNC with a market cap of $367 million, TOMO ($293 million) and KAI ($155 million).
Vietnam leads globally in cryptocurrency adoption with 41 percent of respondents claiming to have bought Bitcoin and the like, according to a recent survey by U.S. based financial consultancy Finder.
