Theres a real excitement building in the Electroneum community as it appears the project, which aims to take cryptocurrency and mining to the masses, prepares for its albeit delayed launch. After 5 weeks of ICO participants being unable to access wallets it seems that with the help of Hackerone we are finally cleared for lift off. Many people who bought Electroneum were very frustrated with the delays and this has created a lot of speculation that when wallets are accessible there will be a huge dump of tokens and a drop in value. Although I would agree this is a logical assumption, especially after reading the spiteful comments on Twitter aimed at the team, I think its becoming less and less of a certainty. Here is my theory on an alternative possibility.
Electroneum is a project that has ambitions to introduce the concept of cryptocurrency to a much wider market than it currently has. It aims to do this by making mining of its token very easy and accessible and practical on a mobile device. The strength of the project lies in strong marketing and this has already proved effective with 120,000 holders of their wallets and the largest Telegram group on the platform. The ICO sold out early and when the token made a brief appearance on CoinMarketCap it actually came straight in as the number 25 largest crypto in the industry. This was later adjusted due to the delayed launch but still bodes very well. there are also currently an incredible 45,600 Youtube videos about Electroneum, astonishing for a project that is yet to officially launch.
The delay in the launch of Electroneum seemed at first like a bit of a major slip up, with many mainly new investors to crypto thinking something unscrupulous may have taken place. It seemed they had lost all the hype and there was a sense of panic on many social media outlets, but lets face it technical issues are actually the rule not the exception in blockchain projects. The team employed the services of Hackerone who have an A-list of former clients and a reputation second to none. To me this has all ended up creating a much more secure and trustworthy product that has proved its integrity and proved that the team considers the security of its holders of paramount importance.
Another factor to consider is that the delay means the coin will be launching into the cryptocurrency market which is now at $400 billion dollar market cap, rather than $180 billion as it was on the intended release date of November 1st. Cryptocurrencies and especially bitcoin seem to have begun a breakout into the mainstream and this is a much more fertile environment for success as each day goes by.
So as we prepare for the launch of this innovative and ambitious project I would certainly urge caution to all holders of Electroneum who plan on selling for around 10 cents, making 10 times gains, with the intention of buying back once a big pullback occurs. This is a possibility of course but i think its far from definitive. Remember there are many buyers who missed the ICO and are going to be wanting to get on board. The talk of ETN possibly reaching $1 within its first year for 100 times gains is a real possibility if it can implement its road map without further serious issues.
This will be very attractive to investors and so I personally believe there is a case to be made that Electroneum may go up when its officially launched and not necessarily dump in the way that many are speculating. There is also the factor that many ICO holders are new to crypto and the process of receiving tokens then quickly sending them to Cryptopia (not the most user friendly exchange) and negotiating a speedy sell is quite a daunting task. There may also be a huge amount of congestion on the platform.
Whatever way this plays out in the coming weeks I see a very bright future for this project in the long term. Thats why I would urge anyone who has Electroneum to look at the bigger picture and to hold their tokens for as long as they possibly can , to me thats the safest, least risky and most profitable strategy.
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Hello. Thanks for the tip. Don't you mean it will open with $400 million not $400 billion? If it is billion that would put it ahead of bitcoin.
No i was talking about the market, the cryptocurrency market is worth 400 billion it was 180 billion on November 1st meaning ETN is launching into a much healthier market. Maybe I could of made that a bit clearer in the post , apologies!