Why is the MaidSafe Coin price going up?
Maidsafe Coin ($MAID) AKA MaidSafeCoin recently saw an uptick in price, why? Let's explore below.
MaidSafeCoin (MAID) recently jumped from $0.101 on 14 June 2022 to a peak of around $0.51 on 20 July 2022 just mere days ago which is a 400% increase in just a little over a month.
The MaidSafeCoin price has since settled back down to $0.37 and has consistently traded around this level for the past few days.
What is MaidSafeCoin?
MaidSafeCoin (MAID) is an intermediary type of token developed by the MaidSafe company which supports the development of the Safe Network and allows investors and traders to pre-purchase the future currency of the network which when launched will be swapped 1:1.
MaidSafeCoin tokens were first launched on the Mastercoin (now Omni) protocol in 2014.
Maidsafe made headlines (pun unintended) in 2014 with the world’s first ICO . This can be debated (the part about being first), what is not debated is that the term ‘ICO’ had not even been used prior to this and on top of that, it was a gigantic ICO for that particular point in time, with $7 million raised. This pushed the MAID token into the top 10 of the crypto charts and exposed the project to many new people. [Source].
What is the Safe Network?
The Safe Network (Secure Access for Everyone) can be described simply as a distributed computing project similar to something like Dropbox or Microsofts OneDrive.
However, there is a little more to the Safe Network than just the decentralized storing of files. In their own words MaidSafe, the company building out the Safe Network says that the Safe Network is a New Internet.
We're Building The New Internet. Freedom of expression, control of personal data, private and secure communications; and a whole new economy. Welcome to the Safe Network. Using spare bandwidth and unused disk space on home computers and phones, we’re taking the web off corporate servers, out of government control, and back into the hands of people. [Source].
What is eMAID?
eMAID stands for ERC20 MAID. It is an ERC20 token representation of MaidSafeCoin (MAID) that was launched by community members in May 2022 on the decentralized exchange Uniswap.
eMAID was essentially created with community member support to make it easier for people to buy the token and support the project.
The eMAID token will be swapped 1:1 with the native Safe Network token when it is launched no different from the MAID token.
Why is the price going up?
To find this out we delved into the Safe Network Forum to see what it was the developer team was working on and to check on the general community sentiment.
Development at MaidSafe is hard to track and stay on top of unless you are consistently monitoring the team's efforts via the forum. However in saying that it was not difficult to find something that stood out.
Jim Collinson, MaidSafe's Chief Strategy Officer created a post in the community forum on May 26 2022 titled RFC 0061 — Safe Network Token Distribution which links to a GitHub Request For Comment.
This RFC sets out how the Network's utility tokens will be distributed at the inception of the Network, and how they are made available to contributors over time.
So while we can't say for sure what caused the buying activity to increase fairly dramatically between 5-7 July 2022, it did increase, and just from reading the forum, the team is preparing to begin the distribution of their native token.
Correlation does not equal causation but this appears to be one of those 'Buy the rumor, sell the news' type of situations.
Where to buy MaidSafeCoin (MAID)?
You can buy MAID over at the Bittrex exchange with BTC or on HitBTC.
HitBTC offers USD and Ethereum options to buy MAID, however, the volume is very low (currently under 1k).
Where to buy eMAID?
The ERC20 version of MaidSafeCoin eMAID can be obtained with USDC via the decentralized exchange Uniswap.
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