Over the past few months, there has been plenty of talk about Electroneum. This mobile-oriented cryptocurrency project has seen its fair share of success, although some users are turning their back on this entire concept already. The Electroneum price isn’t performing as expected either, by the look of things, which might make ETN slightly less appealing to investors and speculators.
Electroneum Price Isn’t on the Mend Just yet
Even though this past week has been very bullish for most of the cryptocurrencies on the market, not all projects have benefited from these gains either. More specifically, Electroneum has lost a fair bit of value in the past few weeks. Its downtrend is still in place as of right now, which is a bit surprising, given the overall market trend. Recovering this lost value will prove to be incredibly challenging, but it is far from impossible.
To put this in perspective, the Electroneum price lost another 2.47% in the past 24 hours. As such, one ETN is now priced at $0.006049. Not the lowest value, but it seems this ongoing downtrend has made a lot of people antsy. On top of that, there is also a 3.28% drop in ETN/BTC, as that ratio has now plummeted to 121 Satoshi. not promising trends by any means, but there isn’t much to be done about this overall lackluster or negative sentiment toward this altcoin at this time.
When looking across social media, it would appear there is plenty of negativity surrounding Electroneum at this point. Btcetnrekt, for example, highlight show it has become significantly cheaper to by 1 million ETN these days While a lower price point could get new investors excited in the process, it seems unlikely most people see it that way. In fact, this user expects a further drop by 50% in the coming months. A rather bleak outlook, although it is somewhat understandable where this is coming from.
Remember back in the glory days when buying a million Electroneum cost £15000? Not any more because you can be an #etn millionaire these days for about £4k and if you are really lucky in a few months it’ll be worth about £2k but (cough) mass adoption in definitely happening!
— barrythebaptist (@btc_rekt) April 6, 2019
In terms of the mobile mining app adoption, it seems some users are sharing statistics which paint a worrisome outlook. Ragnar Van Tonderson claims there are just under 89,000 people mining ETN through the iOS and Android apps. If that is indeed the case, there is a severe lack of mass adoption. Some users expected to see 1 million miners in the first 12 months, but it seems unlikely that will be the case at this rate.
@P2PCRYPTOZ the active miners on the #electroneum app is right now 88 926; a year ago I said to you 1m in 12 months. I was wrong. This is really a 10-year project. Have you got any idea why the app adoption is so pathetic? You can't ask the #etn cheerleaders, they have no clue.
— Rágnár Ván Töndérsön (@Slipcatch) April 5, 2019
WALLst vents his frustration and disappointment by claiming how Electroneum is acting like a “shit coin”. It is very difficult to please the cryptocurrency crowd these days, it remains to be seen how this market will evolve in the hours and days to come. Electroneum has surprised many investors and traders in the past year and a half, yet it remains to be seen if such an unexpected uptrend can materialize again in the foreseeable future.
For the time being, there isn’t too much promising sentiment as far as Electroneum is concerned. As this ongoing downtrend remains in place, the community is seemingly turning a lot more hostile in the process. When even Bitcoin’s most recent bull run can’t help ETN rise in value, a very interesting albeit unusual situation is created. The overall ETN trading volume is also very low, despite the recent listing on Huobi Global. All of these signs seem to confirm this downward spiral won’t be broken that easily.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.