The token shot to $0.000001307 from $0.000000002521 on Friday, before trading at $0.0000003611 at 2 pm IST. This means that Rs 1,000 invested in these tokens would have become Rs 5.18 lakh.
The market cap of this token was more than $16.2 million, but it has reported a market cap of less than $870,000, according to the data from Coinmarketcap.
The trading volume of the counter is very less as tokens worth a little more than $170,000 exchanged hands, with a jump of 290 per cent in the trading volume.
The fundamentals don’t really justify the upswing, said the market experts, and investors should not burn their hands in such volatile tokens.
“The surge seems to be fuelled by rumours that it may be adopted as an actual payment option. After all, that is what it was purportedly made for,” said Raj A Kapoor, Founder, India Blockchain Alliance.
Its main objective is to be used as a form of daily payment. It can boast of speed and low network cost, and need not be mined to verify transactions, making it sustainable and energy-efficient with the environment.
“The Spanish are fiercely patriotic about the past. And the token is named after its currency before the euro took over. The peseta continues to remain in the minds of many Spaniards and they remember it with great fondness,” he added.
La Peseta is a DeFi (Decentralized Finance) project created in the Binance Smart Chain network. Its main purpose is to be used as a form of daily payment, which is immune from whales’ activities.
According to the data from Coinmarketcap, the maximum supply of this token is 47,000,000,000,000, whereas its self-reported circulating supply is 2,400,000,000,000 PTA tokens.
Sharat Chandra, a Blockchain & Emerging Tech Evangelist, said the digital asset enthuses many in Spain because of its name. “NFT games and currency integration into payment platforms are some of the use cases La Peseta has on its road map,” he added. “This is in line with the current NFTs and gaming landscape which intends to mimic DeFi in its early stages.”
