Ignis (IGNIS) has started trading on Bittrex, inviting a sudden spike in volumes, but also higher price fluctuation. The token, sprung from the NXT and Ardor (ARDR) ecosystem expands the group of digital assets linked to SuperNet (UNITY) and Komodo (KMD), created by the pseudonymous developer JL777.
During the token sale phase, IGNIS was sold in the form of a bridge token called Jelurida, traded temporarily on the NXT platform.
IGNIS trades against Bitcoin, as Bittrex took nearly half the volume for the token, with another 45% of trading hinging on the Upbit exchange in Korea.
— Emmanuel Joseph Goma (@ejgoma919) 30 січня 2018 р.
While the IGNIS token is yet to find application as users warm up to the Ardor/Ignis ecosystem, for now the next few weeks may see the asset appreciate to a new price level. Bittrex is inherently speculative, and IGNIS may see a rise from the relatively low price at $0.50.
A Troubling Airdrop
The Ignis airdrop required a holding of NXT tokens. This led to a rapid, but short-lived appreciation of the NXT token against BTC. After the NXT snapshot on December 28, the price rapidly sank. In addition, after the ICO, the Ignis price also sank and stagnated.
This move has left investors holding depressed tokens, with only hopes of a recovery.
And while the Ardor system and its child chain, Ignis, sound like promising projects, it is early to say what price success they could have, as the year progresses.
In the future, it is possible that the NXT/Ardor ecosystem spring new child chains, similar to Ignis. What this would mean for investors is a wild guess. In any case, the family of tokens and blockchains is a unique establishment in the world of cryptocurrencies. So far, however, the Ardor ecosystem is seen as rather complex, and the NXT attempts at building a decentralized exchange still have mixed results.