Akoin Arrives in the US, Raising Interest Among Investors
Akoin (AKN), the long-awaited cryptocurrency from Akon, was launched late last year, but since then the American public has had limited or no access to it. However, Akoin's management has announced that the token will be available in the US on September 17.
One Africa, one currency
The American-Senegalese pop star and philanthropist has been in the news for nearly a decade for his exploratory work on the African continent. Most notably, he initiated the Lighting Africa Project, which, according to its website, benefited more than 32 million Africans through off-grid solar power connections, while several others benefited from market and financial management support.
Following the success of the Lighting Africa Project, Akon is now planning a mega project called “Akon Cities” that aims to create technology zones across the continent, with Senegal being the first location for Akon City. In April, Akon visited Uganda, a tiny country in Eastern Africa, to prepare the ground for a second Akon City and was reportedly offered large chunks of land by the government, according to CoinIdol, a world blockchain news outlet.
It looks like more African countries may soon join the Akon City initiative. For the Senegal Project, the millionaire says he has already raised $4 billion of the total $6 billion needed for the project.
The other interesting feature of Akon Cities is “Akoin”, a special cryptocurrency for transactions in cities. Akoin, like any other independent cryptocurrency, is decentralized, anonymous, and limited in quantity. Akoin is currently trading for $0.369, with a market cap of nearly $43 million, according to CoinMarketCap. Surprisingly, the news triggered a significant price downtrend for the coin as it fell from the high of $0.47 in 24 hours.
Akoin’s dream is to paint a different picture of the African continent by investing in renewable energy and cutting-edge technologies, something critics say is impossible for a poverty-stricken continent.
Created by an American, but not available to Americans
In November 2020, Akoin launched on Bittrex Global Exchange and was ready for trading in some countries. However, there was no access to AKN tokens in the US, where the author is from. Also, the large population of African-Americans could not trade Akoin cryptocurrency. In Africa, Kenya was the first country to pilot the token at the Mwale Medical and Technology City (MMTC), a $2 billion technology hub in Kakamega, Western Kenya. Akon announced on its Twitter channel on Tuesday that Akoin was already in the United States and waiting to be traded on BitMart on September 17.
The launch of Akoin on BitMart is a step forward for Akoin in terms of visibility and market share. BitMart ranks 11th in the world in terms of trading volume and lists 230 cryptocurrencies. BitMart claims at least 1.28% of the total crypto market share. In contrast, Bittrex, the first cryptocurrency exchange to host AKN, accounts for only 0.12% of the total crypto market. With that in mind, BitMart would be the largest cryptocurrency exchange Akoin has operated since its inception.
The United States remains a dynamic market for cryptocurrencies. According to a recent report, the total number of American cryptocurrency holders is 21 million and that number is expected to grow in the coming months. The US presently ranks third on the global purchasing power index, behind only Switzerland and Qatar, which means more Americans may be willing to buy a product.
Many US cities are becoming crypto-friendly as states legalize the use of cryptocurrencies. Texas and Wyoming are competing to become America’s crypto capital, subsidizing electricity prices for crypto miners and creating favorable conditions for crypto investors. AKN’s success could also translate to Akon’s larger dream of building futuristic cities in African countries.
Most American crypto investors are looking forward to buying AKN. This is an important development in Akon’s journey to create modern cities in Africa. The US is an important center for cryptocurrencies due to its liberal legal system and high purchasing power.
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