The news that New Zealand cryptocurrency exchange Cryptopia had resumed operations on withdrawals and deposits on major cryptos Litecoin (LTC), Bitcoin (BTC) and Doge (DOGE) was well received by the crypto community.
Cryptopia was hacked in January in what was an unprecedented attack on the exchange with close to $20 million worth of coins stolen from the platform. it was understood that the majority of the coins affected were ERC20 tokens and Ethereum.
Electroneum (ETN) Remains The Most Traded Coin On Cryptopia
One coin that has always dominated as the number one token traded within the exchange is Electroneum (ETN). The mobile cryptocurrency remains the top traded coin on Cryptopia and currently has 6BTC in trading volume within the exchange platform.
However, Electroneum has experienced a downward curve since its huge bull run in 2017 that saw the token undertake over 1000 BTC transaction volume within a few days.
Electroneum (ETN) Has Fallen Off In Recent Weeks
There are doubts within many hodlers about the future of the coin as it has fallen off in recent weeks.
The bearish market that has engulfed the cryptomarket appears to be fading away as most coins have been gaining value in the past month. Electroneum, on the other hand, seems to have regressed.
From being ranked 84th largest cryptocurrency based on market-cap the ETN has dropped completely out of the top 100 coins list which is a massive disappointment.
Electroneum (ETN) Hodlers Ready To Sell If Cryptopia Opens For Withdrawal
A recent reddit conversation involving hodlers suggests what would happen if Cryptopia opens the coin for withdrawal. There could be massive trading off by hodlers as faith in the coin dwindles this would likely lead in a price fall for the coin. Such a move would be disastrous for the coin that currently trades at $0.005.
However, not all would be gloomy as this could lead to more investors acquiring the coin for a lower price. The crypto market is volatile and price swings occur all the time and Electroneum is one of the projects that has been widely publicized by its PR team.
Cryptopia is one of the popular exchanges that houses hundreds of tokens that are too small to be listed on top exchanges like Binance and Bithumb and before the hack the exchange was arguably the most popular exchange favoured by investors for new coins.