Electroneum (ETN) is one of the blockchain projects that continues to baffle analysts as a coin with great possibilities which has yet to relate to the current trend in the market. The coin which has an aim of bringing crypto payments to millions of mobile users is at the danger of becoming a stale project.
The current bullish trend in the crypto market was thought by many to bring an upturn in the value of ETN. The opposite has happened as during this period ETN has fallen out of the top 100 coins with several new projects overtaking it.
This has caused a bit of outrage from its members on Reddit with several threads daily highlighting what could have gone wrong for the coin. With some offering criticism while others are looking to stay calm during this period of inactivity by the coin.
Electroneum is one project I believe is viable in the long-run as it focuses on the application in different sectors rather than just hype. However, we have seen blockchain projects that had a similar approach but failed to achieve their goals and are considered failed projects.
Electroneum has to be careful of not falling below the line with several hodlers hinting that they could start making withdrawals of their current stack.
The recent liquidation by crypto exchange Cryptopia was bad news for the crypto as ETN was the most traded coin on the platform. It is unknown how much ETN is with Cryptopia with several hodlers complaining two weeks ago of their inability to withdraw from the platform.
Electroneum really needs a huge announcement or a bit of PR to boost the confidence levels of investors. The last major news announced by Electoneum was the listing of the coin on crypto exchange SistemKoin which is the largest exchange in Turkey.
Although there have also been developments on the technical side with the change of support system and the launch of the M1 mining device.
Despite its current travails Electroneum (ETN) was able to gain 24.2% on the US dollar in the last 24 hours of trading. The coin currently trades $0.005 per unit and with its 24-hour trading volume recorded at $1.2 million.
It remains to be seen if this recent spike in value is a false dawn or can be sustained for a bullish run which would send the coin back into the top 100 list.
