Peerplays overtook Wagerr in the CoinMarketCap.com rankings which is a curious situation to say the least... because it doesn't tell the whole story.
A few days back I predicted that Wagerr would overtake Peerplays in the rankings by the end of the month. Within 48 hours Peerplays price had caved in on itself. Coin holders couldn't sell fast enough, and the coin found it's rank buried outside of the top 200 coins. It's price dropped from a $6 high, to one dollar and change per coin. This was after several days of successive large losses.
It's not surprising because it is a coin that is undeveloped, and overpriced honestly. This post is not to criticize them but to gain perspective from another coin in the same industry. We need to understand what works and what doesn't so that we can ensure that Wagerr succeeds. Wagerr has it's own challenges, but it is always best to learn from others.
Peerplays was a $13 coin in June 15th, 2017, and 2 weeks later peaked at $23 per coin with over $60 Million in market cap. So what went wrong? They started early in 2017 with February crowdfunding and acknowledged their intention to replace traditional online sportsbooks and casinos which sounds good. They expressed a lot of interest in their product and that they already had testnet. Their testnet launch was in April. With Peerplays though they were only a blockchain to host dapps on. So their value only manifests when the applications themselves manifest. They had some delays and then stated they worked hard all summer to line up dapp releases. Their first dapp was the rock paper scissors dapp (HelmBet?) in September, and after a 1 or 2 day run, their coin price dropped from $6 to $1.31 at it's low.
At it's peak it had daily volume over one million dollars. Even though it just overtook Wagerr again in ranking as it's price has returned to $4+, it is just symbolic only. Their volume for 9/18/17 was only $826 per CoinMarketCap.com, so there is very little interest. In comparison, Wagerr's volume was over $70,000 the same day. Additionally, since Wagerr has been in existance (2+months) Peerplays has lost over 75% of it's market cap.
The problem is the coin's price was built on potential and hype. Those types of prices should never have been possible without substantial and meaningful applications already in use. And for the first app to be a rock paper scissors app just showed a lack of vision. The problem is they have lost a lot of money in coin price and market cap, which affects coinholders directly. It's not been a positive investment since it started it's decline. That's why the coin owner confidence is so low. Each time the market has a downturn Peerplays in particular is affected much worse than the average coin.
Wagerr can learn a lot from this. One of the best things Wagerr has going for it besides it's identity is it's value. Priced in the cents, it offers tremendous value to it's coin owners. It is extremely underpriced presently. The key to unlocking long term success is not to get the cart out in front of the horse. The number one priority has to be release of the Wagerr Blockchain Sports Betting Application. The Wagerr team has an incredible product, phenomenal vision, and a perfect path... still it comes down to execution. Until you produce the product you are just spinning tires. We'll continue to see incremental successes as we have been during special event betting, and development updates. But the major success that is Wagerr's destiny will only begin when the machine is plugged in and running to it's fullest potential. When that happens, the betting will expand the business, and the business will draw investors like bears to honey.
If people are willing to invest $20+ in a coin like Peerplays with no application, just on hype, there is no limit to what Wagerr can become once it's sports betting blockchain service is implemented. It's the buying and selling of coins in the future investment that can really multiply Wagerr's price and value. Here's to our development team that announced it's expansion (adding more developers and project management), in their update on September 18th. We need all of the contributors we can get to make the Wagerr dream a reality.