Electroneum (ETN) was a successful ICO, selling out days before the deadline. It was technologically promising, and potentially tempting to users. But in 2018, the ETN digital asset has hit a rocky 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, probably taking ETN below one cent.
The Cryptopia exchange has caused ETN troubles in two ways. During peak prices, deposits of ETN were frequently lost due to the anonymous characteristics of the coin. And currently, for more than a month, withdrawals have been suspended, causing more anxiety 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, coupled with additional fears of a hack or an outright deceit are deepening the selling where it is possible. But in fact, for now selling ETN is actually tricky, with no access to large-volume exchanges.
The Electroneum team discussed over Facebook, 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 issues before. At the moment, the only way to remove ETN from Cryptopia is to sell for another coin and re-buy on Kucoin.
Another 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 already too far from the most outlandish predictions of $100 in the long run.