Astrology twitter might have gotten “Uranus” trending on the social platform, but Elon Musk inadvertently got Uranus (CCC:URAC-USD) trending among crypto investors. So, what is the Uranus (URAC) crypto, and just how much did Musk’s tweet boost the currency today?
The seventh planet in our solar system is trending on Twitter with over 22,000 posts about it. Lots of the tweets are fun facts about the planet. SpaceX founder Elon Musk decided to get in on the fun with his own fact.
The post may have been just in the name of a social media trend — and we all know Musk appreciates some science. But, seeing how esoteric Musk’s tweets tend to be, it’s natural for his followers to seek out a deeper meaning.
Pluto takes 248 years to orbit the sun, but Uranus only takes 84
— Elon Musk (@elonmusk) June 14, 2021
Uranus (URAC) Crypto: What to Know Now
URAC is a token with a small market capitalization of about $6 million. The digital currency is the native token of the Uranus ecosystem. Uranus is an Ethereum (CCC:ETH-USD) compatible blockchain network which aims to provide shared-computing solutions. Essentially, it’s a sort of decentralized response to cloud-based computing provided by companies like Amazon (NASDAQ:AMZN).
Users typically utilize the blockchain ecosystem for the development of DApps. The ecosystem is currently in development. As such, the developers hope to add other features in the future like voting systems for on-chain governance. However, the company’s white paper is a broken link currently, so the only information users have on the network is what is supplied through its website and its Github page.
Musk’s Uranus tweet is doing huge things for the token. URAC is seeing its fair deal of price volatility this year, and the sudden interest is a welcome catalyst for it. Right now, the token is trading for about one-fifth of a cent. It is seeing a 46.5% gain on the day’s trading session. Not only this, but the trading volume of URAC is gigantic today. The network is seeing over $18,000 in its native token trading in the last 24 hours, a nearly 73,000% increase on its average.
On Low-Capitalization and Low-Volume Cryptocurrencies: With only the rarest exceptions, InvestorPlace does not publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume crypto that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.