Electroneum — Make Sure You Keep an Eye on This Crypto
Electroneum ($ETN) is a cryptocurrency based on the idea that mobility is so critical of a cryptocurrency that the miners should be able to do so using mobile phones, instead of high-powered computers or other dedicated hardware, as it happens with other minable coins.
Mobile micropayments, an e-commerce transaction involving a very small sum of money in exchange for something made available online, are also at the forefront of Electroneum’s goals. The project recently released its mobile payment application, “Instant Payment”.
On September 10, $ETN released a public statement that they had started testing their “Instant Payment” app. On September 12, it was announced via Twitter that the API system for vendors was now live in beta.
Tweet from @Electroneum on September 12 Regarding the Beta Launch:
While the immediate market reaction was positive, it was not pronounced. In 48 hours-post announcement, the value of ETN increased by only 6.49%.
ETN Price History Graph Following the Announcement
The online community immediately started propagating their own theories of why the value did not increase significantly following the announcement. Some attributed the cause to the low volume of the coin, while others believed that the cause could be a result of $ETN not present on the largest, most credible exchanges. Of course, many crypto-experts stuck to the party line that “growth will happen only when there are real-world use cases and when the marketing kicks in.”
And that is exactly what happened. In one week’s time, Electroneum’s Twitter handle flooded with positive commentary from both individual and institutional users attesting to the revolutionary nature of this crypto payment product.
Examples of Positive Customer Testimonials to Electroneum’s New Payment System
- Egyptian retailers successfully embraced the new system:
2. Notable crypto influencer and YouTuber, ‘Crypto Ablett’ demonstrated the ease of use
3. Magento — One of the world’s largest e-commerce platforms — announced integration with its platform:
Since the first wave of customer feedback tweets started on September 18, the price of $ETN spiked up by more than 50% in 48 hours. By September 23, the price increased another 219% to $0.01653 and the market cap of the coin crossed $100 million.
$ETN Prices Spike Following the Customer Testimonials:
$ETN continued its bullish run, adding to its value in the process despite a bug*, which was found in their application on September 25, thanks to the $ETN team for keeping the public informed through their twitter handle and fixing the bug in less than 24 hours. In fact, following the patch announcement, the price spiked even further, reaching $0.027226 with a whopping 72.6% rise with its zenith surge.
Information About the Bug Made Public:
*Bug Explained: ETN which is a fork of the privacy-focused coin Monero($XMR) inherited a bug which allowed double spending attacks by funding an exchange multiple times with the same coins.
Spike After the Patch Announcement:
$ETN has created something interesting with its patented Instant Payment System, that is now enabling vendors across the world to carry out real-time cryptocurrency transactions and payments. According to publicly available data, they currently have over 1.6 million registered users, making it one of the most adopted crypto mobile apps to date.
Definitely a crypto to keep an eye on!
Setting a simple alert in TweetTraders to catch this profit opportunity would have been simple.
1) Selecting Crypto: ETN
2) Entering Keywords: Mobile App, Instant Payment (after the news on September 10)
This would have given any trader insights in real-time about what the market thought of the new payment system. Of course, as with any trade, it is important for the trader to use this information with all other sources as one part of the profit-making puzzle.
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Thanks to Robert Naidoff, Mara Calvello.
