Electroneum (ETN) soared from a price of just over half a cent ($0.0054) to a peak of 1.65 cents for a gain of 305% between September 20 and 23. It has since dipped to 1.45 cents but it continues to maintain huge gains in 24-hour trading volume, going from $70 million USD on Saturday, September 22 to $4.9 million USD on September 23.
These huge gains suggest that the bear market in crypto may finally come out of its slumber, as Bitcoin also continues to hold at just over $6,700.
Electroneum uses mobile technology and combines it with cryptography, with a simple algorithm that enables mining of tokens on mobile phones.
The new mobile remittance beta app has been released to test its abilities to facilitate mobile micropayments. If it is successful and people adopt the technology as a method for making small payments, then we might see the token price of ETN rise further. The token is pegged to Bitcoin, and traded mostly on Kucoin and Cryptopia.
This gain could be a signal for a huge bounce back for ETN, as it reached levels of 19 cents in January of 2018 before tumbling town to less than a penny just a few days ago. If the gains continue, then it’s entirely possible that ETN will become a contender once again.
Electroneum is also built using KYC (Know Your Customer) technology, which may make it compliant with various international banking regulations that are advertised to the public as a way to prevent money laundering. This KYC capability and its native mobile design also makes it optimal for telecom companies that may want to reward their users with such tokens. In addition, the group has patent pending technology for multi-crypto instant payments.
Dennis Consorte has an appetite for news and information about cryptocurrencies, blockchain, IoT, fintech, adtech, martech and other technologies. He also has over 20 years’ experience in digital marketing and content strategy.
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