First things first: Bacoin is not a cryptocurrency. Rather, it’s a cleverly-branded promotion that uses an instant win game — excuse me, “mining” — to give away bacon coupons whose values float based on user engagement. However, based on BACN’s price movements, “float” is probably a generous term.
Here’s an example.
Early Tuesday morning, the Bacoin price exploded to 14 slices, up from five slices just two hours prior. However, at this point, the Bacoin bears appeared to gain a foothold, and the token’s value promptly plunged by 93 percent to 1 strip of bacon, where it continued to languish at the time of writing.
The plunge may be connected to the fact that, for reasons aren’t entirely clear, the Bacoin promotion is split into two phases, the first of which ended on Monday at 11:59 pm ET.
Of course, there are several points that warrant clarification…