Here’s a noob in the crypto market that investors are talking about this Halloween – ETN popped up in the “crypto top 50” list earlier in the month, and is now in the doldrums around its price of about one and a half cents.
It’s a true “crypto penny stock” – after an ICO last year, the crypto offering dropped down to around two cents, and went as low as near one cent. Now, it’s in a sideways crawl, (along with the biggest name in crypto, as BTC-USD sticks around $6300 today) – so what do we know about this dark horse coin?
ETN is out of the UK, and debuted October 2017. It’s a “mobile” coin with security and privacy features built in. It uses the ECR20 token, has a circulating volume of about 6,113,679,420 ETN, and has a token value of one Lincoln penny. It’s also made for app based mining, so it combines the mania for mobile-first design with the mania for crypto, which has garnered so much controversy as top for and against voices weigh in.
As a “small” coin, ETN is managed by a core team that’s had its share of all-nighters. Unlike such offerings as, say, Dogecoin, which has shot to unlikely popularity while repping the Shiba Inu, Electroneum is a deliberate, hard-work crypto play.
It’s also one that may appeal to penny stock investors who want a long-term crypto, either as a break-in, or in addition to plays around BTC or Ethereum (try spelling both of these, Ethereum and Electroneum, three times fast, together.) It’s interesting to see a very different kind of volatility with digital assets valued so low, dollar-wise, and the stability of pegged token prices.
There’s also news about expanded visibility for this little coin – as of now, ETN is due to be added to the Coinbase crypto exchange, which might give it a bit more brand recognition and lead into bigger investment pools.
Reporting at Crypto Recorder talks about the synergy between Coinbase and its new individual listings, showing how the exchange wants to grow its reach and develop a bigger roster.
So look for ETN to be a name that crypto enthusiasts talk about, as they look at stable and not-so-stable values. Right now, there’s a lot of calmness in the crypto market as a whole – BTC and ETH are not jumping wildly about like a couple of Mexican jumping beans – they’re staying solidly in the pocket, and it’s causing some amount of stir in the investor markets, where we’re all trying to scry whether BTC is going to jump or flop. Until the shoe drops, one strategy is to look at the smaller offerings like ETN and make a play on longer futures.