Electroneum (ETN) Finally Sees Price Move, But Is the Project Going Anywhere?

ETN added more than 23% overnight, but KuCoin is still freezing deposits for the coin.

Electroneum (ETN), the much-hyped crypto coin allowing mobile mining, has finally seen some price movement. ETN is up a net 33% in the past week, to $0.033, after adding 20% overnight. But the spike in prices seems shaky, and ETN is still a very thinly traded coin.

One of the reasons for the positive price movements for ETN is a partnership with Megaxstore, using ETN as a means of payment:

The biggest problem for ETN is the very subdued trading on Cryptopia and Kucoin. Additionally, ETN prices remain depressed due to almost constant troubles with deposits and withdrawals. On paper, ETN should be the perfect digital asset, already attracting tens of thousands of mobile phone simulated miners.

However, the anonymous nature of the coin has created additional risks. Sending ETN into an exchange often means users lose their coins, by failing to point to their transaction, which becomes obfuscated before entering the exchange wallet, and can be recovered manually. However, Cryptopia has stated before there is no way that all mistaken transactions could be traced manually.

Unfortunately, Kucoin stopped direct ETN deposits on May 1. For those attempting to move ETN from Cryptopia to Kucoin, the possible path includes selling ETN for another currency, then buying again on Kucoin for speculative trading.

Others keep calling Electroneum a scam project, as it has not taken off as expected after a high-profile ICO that sold out almost immediately, with great expectations of a robust price rise. At the moment, ETN is barely above its price during the token sale.

But stubborn rumors see ETN being added to Binance, an exchange that may fix the volume for this asset, as well as increase its visibility profile:

The Electroneum community is getting impatient for results, after the project had to go through a relaunch due to compromised user emails, then lagged in releasing the mobile miner. 

Even at $0.03, ETN remains a risky proposition. Some see it following the path of Monero, to appreciate to hundreds of dollars. Others believe the coin is set to fail, especially after rejecting ASIC mining, following the example of Monero.

Source: Read Full Article