BitUp soars over 800 million per cent in 7 days. Too good to be true?

Highlights

  • The BitUp crypto has an elastic supply, and the total supply of this cryptocurrency keeps changing.
  • BitUp Finance platform claims that the value of BitUp cryptocurrency will only increase. 
  • Based on the principle of a stablecoin, BitUp was designed slightly differently as its price does not stabilize over time but keeps increasing continuously. 

The BitUp (BITUP) cryptocurrency price surged massively on Wednesday, October 27, and became one of the top trending cryptocurrencies in Canada. 

The price of the BITUP token skyrocketed by 736847.6 per cent in the last 24 hours, and it was trading at US$ 720.5 per token at 6 AM EST. 

Earlier in the day, the digital asset clocked an all-time high of US$ 1,511.62 per token. So, let's explore further about the cryptocurrency in this article and find out why its price is soaring: 

What is BitUp cryptocurrency? 

According to the project's website, this cryptocurrency is programmed to keep the price up constantly and reward holders through Bitcoin. It is a rebasing token, and the BitUp Finance platform claims its value will only increase. 

Some crypto enthusiasts may find it too good to be true, and to address this issue, the crypto platform has explained the concept of rebasing through the whitepaper. 

Also Read: EverGrow crypto set to explode in 2022? Know price prediction


Based on the principle of a stablecoin, BitUp was designed slightly differently as its price does not stabilize over time but keeps increasing continuously. 

Why is the price of BitUp cryptocurrency soaring so much?

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The BitUp token has an elastic supply, and the total supply of this cryptocurrency keeps changing. Therefore, the supply and price changes keep happening continuously, and that is known as rebasing. 


The rebasing process pushes the price of a cryptocurrency upwards by burning supply, and the overall tokens decrease in numbers, including the tokens in your wallet.

However, the value of the overall holdings remains the same, and a holder owns the same percentage of the total token supply before the rebase.


Bottom line


The newly launched cryptocurrency is gaining the attention of investors due to the rebasing mechanism.


As the price of this cryptocurrency is surging massively, the chart of the digital asset would remain in the green on top listing sites like CoinGecko and CoinMarketCap. 


Due to the move of keeping Bitcoin reward as an incentive, BitUp crypto could get new investors. There's a 15 per cent tax on transactions for holders, of which, six per cent would be used for marketing and buyback ensures. 

Also Read: GMR's volume soars over 5000%. Where to buy GMR crypto?


This buyback policy means that the funds could sustain the coin and buy the token to support the chart and keep it in the green. In addition, five per cent tax is for buying Bitcoin for rewards as it will be distributed to holders proportionally. 


Three per cent tax is for maintaining stability, and the remaining one per cent is for taking care of expenses outside marketing.

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