A code rewrite for the Monaco token, which removed its asset smart contract scheme has plunged the coin’s value, and has lead to a loss of trust among investors as they move away.
Close to end of October 2017, the Monaco token was trading around $10.51, commanding a market cap of $103 million. However, by the 2nd November, it had plunged to $4.75, tumbling down its value down close to $46.6 million, according to CoinMarketCap.
Monaco had previously announced about its partnering with Visa for Monaco Visa prepaid card- yet didn’t help retain the market cap.
CEO of Monaco, Kris Marszalek said the below :
Our team has worked incredibly hard over the past year to achieve this milestone. This is an important step towards Monaco’s vision to introduce cryptocurrency to the mass market.
This decision is great for the long-term protection of value for all token holders,” he said in the company’s defence.
The team believes that by removing the asset contract scheme it will make them suitable to be listed on exchanges. It currently trades on Bittrex, YoBit and Binance; however, these exchanges trade the coin against bitcoin and ethereum. As such, speculation increases with little generation of fresh fiat currency.
Through its Visa card partnership it is offering up to two percent MCO token cashback on all transactions. These tokens can then be exchange for either bitcoin, ethereum or fiat, according to the Monaco website.
At its peak, Monaco tokens were valued at over $27 in September, figures from CoinMarketCap show.