ICON And WanChain Surge With Up To 40% Gains Despite Low Market Volume

The tokens have recorded massive gains over the past couple of days – despite the situation with Bitcoin and Ethereum and its low price range.

While Bitcoin remained relatively stable in the $6,700 region, Ethereum, Stellar, EOS, Ripple and Bitcoin Cash all recorded losses that ranged from 0.5% to 1.5%.

What was unexpected, however, was the tokens including ICON, Ontology, Nano, WaltonChain, Aion and WanChain surged against the Bitcoin and USD. While Nano, Dent, and ICON recorded 33.5%, 33% and 20% gains against Bitcoin – they were also the best performing altcoins on August 26th.

If we see historically, the conclusion is simple – tokens always followed the price trend of the large-cap altcoins such as Ethereum, Ripple and EOS – with movements either on the upside or on the downside.

The surge of ICON, however, can be attributed to the team’s plan to buy back $5 million worth of ICX in the short-term, which the team disclosed as one of the several initiatives of 2018. As the team said in June:

“Theloop has been recognized for bringing a practical use-case for blockchain technology in the insurance industry through the Smart Insurance Claims service. Theloop will accelerate its efforts to build a next-generation insurance platform with Kyobo Life. This MOU will lead to collaboration on more projects to increase efficiencies in the insurance industry, a mutual effort to expand this technology to ASEAN, and blockchain advisory and support initiatives.”

Meanwhile, WenChain also released its 2.0 client this July, which is how the surge reflected its price at the time. As a fork of Ethereum and a platform for decentralized applications (dApps), the hype around this token has risen since the release of the 2.0 version.

Even though it is unlikely for tokens to continue this surge in the short-run (because of the volume of the crypto market), this is still a positive movement that brought new gains to many investors and altcoin backers.