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Dash offshoot Sibcoin says it wants to take on the Chinese market as its price continues falling from January highs.
A Russian Dash fork is aiming to gain popularity in the Chinese market and “become the driving force behind the consolidation of (sic) Russian Blockchain community.”
SibCoin, which describes itself as “employing additional encryption algorithms” to Dash, ostensibly to build on security, announced the China move in a press release on Tuesday.
A Chinese language implementation on its website “opens the gate for China’s crypto-enthusiasts and professional traders alike,” the release claims.
“SibСoin was created in 2015 as a ‘people’s patriotic project’ initially focused on the Russian-speaking cryptocurrency community [...] SibCoin employs encryption algorithms developed by Russian cryptographers on top of those of Dash, and is continuously evolving to become ‘closer to people.’”
In terms of performance, however, SibCoin had flatlined until the end of 2016 after an initial spike, trading on average at around $0.01 per token.
Starting 2017, however, activity and value increased, in line with many altcoins which had previously been comparatively dormant.
A new price high of just over $0.22 was reached in January, with prices once again falling since.
Such downward sentiment is not shared by SibCoin Project Leader Ivan Rublev, who stated the offshoot “may as well follow the steps” of Dash itself.
“SibСoin might as well follow the steps of its mother coin, Dash [...] We expect SibСoin to follow that inspiring example,” he said.
Dash has meanwhile come off recent highs dramatically, currently sitting at around 70 percent of its $100 value last month.
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