The FOIN token hit 99.5% in a matter of hours - the Ukrainian project team named the reasons

ProjectFOIN published a statement in which it explained the reasons for the catastrophic drop in the price of the eponymousToken from $ 2980 to $ 4.7 during the first days of the new year.

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The FOIN token appeared in July 2018 and its quotes increased from $ 400 to $ 2640 per coin in mid-December 2019 (CoinGecko).

December 15 cryptocurrency related to the projectpayment service FoPay, announced the purchase of a little-known cryptocurrency exchange AliExchange for 1 million FOIN. According to the coin, at that time the transaction amount exceeded $ 2.6 billion.

Back in November 2019, FoPay suspended until 2December, the withdrawal of tokens from the wallet, citing technical and administrative reasons. The ban was extended until December 15, and in connection with the takeover - until the end of the year.

On December 23, the price of the token peaked at$ 3640, but then decreased slightly. On January 2, within a few hours, FOIN quotes fell from $ 3,110 to $ 11 per coin. At the moment, the token is trading below $ 5.

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According to CoinGecko, the coin is listed on two centralized exchanges registered in Estonia - P2PB2B and Hotbit. Moreover, the latter accounts for 99% of the trading volume over the past 24 hours.

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In a statement, the FOIN team explained the drop in the token's price by the fact that the distribution of coins ended on January 3, and after the end of the lockdown, exchanges were flooded with new owners trying to sell their assets.Allegedly, before that, only approved experienced crypto traders who were "well aware of market dynamics, supply and demand ratios" participated in trading.

Among other factors of quotation reduction in the project, they called the general bear cryptocurrency market, a decrease in trading volumes and fraud with FOIN tokens in Telegram.

"As soon as a coin arrives on exchanges, the team that launched it no longer hasprice controls, and cannot recover any damages, however much it may wish to intervene and help,"- the statement says.

FoPay is owned and operated by FOINSBLOCKCHAIN ​​”(FOINS BLOCKCHAIN ​​LLC), registered in Kiev in the form of a limited liability company. The sole owner of FOINS BLOCKCHAIN ​​is a citizen of Moldova, Dmitro Lungu, and the head is Evgeni Petelin.

FOINS, FoPay and FOINS BLOCKCHAIN ​​Project Teamsannounced the adoption of a number of measures to restore the price of the token. These include new partnerships, listing tokens on other exchanges, conducting airdrops and even improving the financial literacy of investors.

Recall that at the end of last year, the price of the Matic token increased by 180% in two weeks, and then fell by 70% in a few hours.