An obscure cryptocurrency designed to help promote and develop the Japanese ‘Otaku’ subculture, called MINDOL (MIN), has just pumped a further 9.5% to reach the hefty price of $4.73.
MINDOL sits at its all-time highest market cap—circa $900 million—and, according to CoinMarketCap, this would put it firmly in the top 20 coins
Not bad going coin that was worth just $0.17, just two months ago.
What Exactly is MINDOL?
MINDOL claims to be the new currency for the world of “subculture market.” The project was born to revive the Japanese subculture worldwide, commonly referred to as “geek culture” or “otaku culture.” Its main objective is to promote the idea of “Cool Japan” on a global scale and help the local government in its ambition to reconstruct the Japanese economy.
According to the project’s white paper:
“MINDOL Project will be creating new content in the fields of “Cool Japan” – subculture and pop cultures such as animation, movies, games, cartoons, and music. In addition, we will manage and operate the project safely and securely, using blockchain technology.”
The anime-focused cryptocurrency has actually been recording back-to-back gains for more almost two months. In this time, the MIN token appears to have multiplied in value by more than 20x, while trading volume has remained roughly consistent throughout this time period—at around $3-5 million per day. But does this sound too good to be true?
While this performance may make MINDOL look like a project on the up and up, the truth is far less spectacular. As it stands, the vast majority of MINDOL trade volume occurs on a relatively unknown exchange known as Coinall—a platform that has been accused of faking its trade volume.
That being said, the sudden surge appears to be related to Bibox’s announcement that it would be listing MINDOL to its retail platform. The integration provides market access to MIN for millions of retail investors. They can now deposit, withdraw, and trade this ERC-20 token on the Chinese crypto giant platform.
Although Bibox’s listing adds certain credibility to the project, many observers have dismissed it. According to Bobby Ong, CEO at CoinGecko, MIN is an “absolute shitcoin” that ranks No. 2906 among all cryptos on his platform. Meanwhile, Satoshi Watch called it “nonsense fraud” without any development behind it.
MINDOL is certainly one to watch and where it goes is anyone’s guess.