Cannabis and the cryptocurrency market have combined to do some truly amazing things as of late. Representing the joining of two emerging industries, it’s even gone as far as to create a whole new array of tokens known as “potcoins.” These coins have helped streamline the dispensary sector and have effectively brought non-cash, digital transactions into a cash-based industry.
Financial institutions might be standing opposed the runaway momentum of the cannabis trade, but that certainly isn’t slowing the industry down. Representing a turning point, the array of potcoins presents not just a way to buy your favorite strain, but a cool investment opportunity. The following is a selection of leading potcoins that are specifically designed to help boost the cannabis industry.
2014 was a major year for potcoins, as various tokens launched. Kickstarting this brand new crypto sub-sector, PotCoin (POT) is the original cannabis coin. It currently has 420 million coins in circulation. For the most part, PotCoin has achieved success away from the spotlight, but that’s now changed thanks to a controversial NBA legend. When Dennis Rodman strolled into North Korea wearing a PotCoin shirt, it put the cryptocurrency on the map.
During Q1 2018 PotCoin had a respectable $79.5 million market cap, with POT carrying a $0.362 value. The cannabis industry is entering an exciting phase in its evolution, and you can certainly expect PotCoin to be along for the ride.
PotCoin certainly edged ahead of other coins when it came to its launch, but as we said – it certainly wasn’t the only cannabis coin to launch in 2014. Hot on the heels of PotCoin is CannabisCoin (CANN). Just like its rival, the whole purpose of CannabisCoin is to streamline the pot purchasing process. Through this, it has in turn become an investment opportunity. Its circulation is dramatically lower than PotCoin at 22.8 million, but its value skyrocketed in early 2018 to $0.296. When you think that it was worth just $0.007 a little over a year ago, CannabisCoin has already delivered a strong ROI.
Paragon Coin (PRG)
It’s new, it’s fresh, and it’s backed by some serious star power – Paragon Coin (PRG) is the most exciting potcoin to launch this year. Founded by Jessica Versteeg – the former Miss Iowa – she recruited the help of world-known rapper to The Game to promote the token. Paragon Coin hasn’t looked back since, as of the 100 million coins in circulation, 70 million were acquired almost immediately through a heavily-promoted ICO.
The sheer demand for PRG saw the price spike to $1.55 post-ICO, but it has been argued that this coin isn’t anywhere near reaching its full potential yet. The price drop to $0.30 means that PRG still has some ways to go in establishing a consistent track record as a commodity. But, the signs for long-term success are there. Paragon Coin has big plans for the rest of 2018, as it continues to support cannabis businesspeople and pushing the legitimization of the cannabis industry.
HempCoin (THC) is a potcoin of a different persuasion. While other coins focus on the sale of cannabis, HempCoin is centered on the farming industry and medical/recreational dispensaries. This approach gives it a different flavor to other potcoins. With the explosion of these markets on the horizon, HempCoin is in a fantastic position, with some experts projecting it to reach $11.44 by the end of 2022.
It’s not just its focus as a coin that’s going to put HempCoin on the map. It also has a partnership with DASH. This move should have made headlines – oddly enough it was largely unreported – with it having the potential to take THC to a whole new level. Did we mention that this coin has the best cannabis coin ticker of all-time too? THC is certainly going to give you a huge clue about what this coin is all about.
From one impressively named potcoin to another, DopeCoin (DOPE) is an intriguing marijuana payment solution that has huge potential. Describing itself as “more than a coin,” it’s giving pot enthusiasts another way to do business. Its supply is limited at 200 million coins, 117 million of which are currently in circulation. Its market cap is $23 million, so it’s certainly achieved a fair amount of progress since its launch. Admittedly, it is missing the polish and branding of the other coins on this list, but in spite of this DopeCoin is still able to hold its own.
The Power of Potcoin!
The explosion of potcoins has given investors plenty to think about, as crypto and cannabis have presented an interesting marriage thus far. The returns that the potcoin market has been producing so far says a lot about the direction that the sector is heading in. Flying high and smoking the competition, if you add any crypto coins to your watch list in 2018, make sure it’s the five we’ve mentioned above.