Why Did ETERNAL TOKEN (XET) Grew About 396.2% In 36 hours? - Cryptocurrency News. Wednesday, September 26
ETERNAL TOKEN (XET) grew about 396.2 % in about 36 hours
The partnership with a company seems the most plausible reason for the sudden increase
The crypto market is currently recovering from a bearish slap that send them “down to red charts town” on September 24, allegedly by the sell-off of Bitcoin (BTC) and Bitcoin Cash (BCH) funds by the trustee of the infamous, hacked cryptocurrency exchange Mt. Gox. And as usual, almost all assets followed the BTC in their ride towards the ground, only to crawl slowly to the top again.
However, of all the top 100 crypto assets, one in particular – ETERNAL TOKEN (XET) – did not care about the trend, and registered a surprising increase in its market cap, over the course of the last 36 hours.
According to the charts, this token – listed for the first time in CoinMarketCap on August 13, this year – has had a bearish performance in the first half of this month, reaching as low as $4.38 million, and quoting $0,072 per coin. Then, on September 12, it began to slowly recover and maintained stability around the $12 – $15 million level.
Until yesterday, in which the token unexpectedly skyrocketed from $15.8 million to 49.2 billion, and recording a 24h transaction volume of $1.41 million – from an average of $655K – at 02:19 UTC. Then today, at around the same time as before, the token soared again and earned an extra $32 million, grasping the $82 million level and then finding stabilization at $78 million, at the moment.
XET/USD Price Chart, Wednesday September 26th:
A partnership with a company might be the reason behind the sudden growth
Usually, a cryptocurrency that increases in size this way is due to pump & dump groups trying to profit from small tokens. In this case, though, that doesn’t seem to be the reason.
A recent announcement in the XET’s social media indicates the signing of an agreement with blockchain-based company Eternal Wallet PH Holdings, Inc., Philippines, which will allow them to acquire a virtual currency exchange license in that country.
The reason behind this is because Atom Solutions – the firm behind ETERNAL TOKEN (XET) and ETERNAL COIN (XEC) – is looking to establish an official cryptocurrency exchange for its XEC, which is only tradeable in few exchanges authorized by them, whereas the XET will be available for any other exchange, and will serve as the bridge between the XEC and other currencies.
According to their whitepaper, they want to provide a cross-border payment solution backed by a centralized company in charge of building infrastructure for payment settlement purposes and virtual-to-fiat exchanges.
Following the announcement, the token saw itself growing in market cap, as stated above. It remains to be seen whether this digital asset will keep performing on the green side, or if it will suffer from a market correction.
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