Electroneum (ETN) was a successful ICO, selling out days before the deadline. It was technologically promising, and potentially appealing to users. But in 2018, the ETN digital asset has hit a rough patch, with recovery in question.
ETN has slid to $0.019 from a peak near $0.20, and volumes have dwindled to around $600,000, due to the presence of ETN on rather obscure exchanges. The long slide seems like a continuing trend, possibly taking ETN below one cent.
Troubles with Cryptopia
The Cryptopia exchange has caused ETN troubles in two ways. During peak prices, deposits of ETN were sometimes lost due to the anonymous features of the coin. And now, for more than a month, withdrawals have been suspended, causing more jitters in the community. This has added to the downward price pressure.
At the moment, the ETN wallet for Cryptopia has an “under maintenance” label. The troubles with the coins, as well as additional fears of a hack or an outright scam are deepening the selling where it is possible. But in fact, for now selling ETN is actually hard, with no access to large-volume exchanges.
The Electroneum team communicated over Facebook (NASDAQ:FB), stating that funds were safe and the exchange team was working on the issue:
“...Throughout the weeks we have been in constant contact with Cryptopia and are jointly progressing rapidly now to resolve the issues regarding exchange transactions.
The issue is very well understood by Cryptopia’s team; currently, there is a fix in the process of being implemented- however due to the nature of the issue and the care with which we must proceed, it takes time to allow for the fix to finish running. ”
The fears have been blown up by the general distrust in Cryptopia, which has had withdrawal problems before. At the moment, the only way to remove ETN from Cryptopia is to sell for another coin and re-buy on Kucoin.
The other criticism against Electroneum concerns mobile mining. More users are realizing that his is actually a slow-trickle airdrop which only simulates mining. Whether the relationship with mobile operators would create demand for ETN, or it would remain obscure, is unknown. But for now, ETN failed to meet the predictions of $1 prices in March 2018, and is way too far from the most outlandish predictions of $100 in the long run.
This article appeared first on Cryptovest
