After entering the top 100 coins on the Coinmarketcap rankings in the last week, Eternal Token (XET) has crossed the top 50 mark once again. The token has seen a rapid growth since its launch back in August as it grew over 600% in the past week and an astonishing 1414% in a fortnight. A rising star or a fading one? We take a closer look at the latest cryptocurrency to shake media waves.
The Eternal token is a token that is used as a proxy to the External Coin (XEC) as reported by the parent company, Atomic Solutions website. The Eternal Coin (XEC) can be converted on the website by redeeming the XET at a ratio that ranges from 1:1 to 1:10. The confusion seen on the exact conversion ratio has however not affected the continued rise in the token’s price however. The whole idea of the XET token is to obtain the XEC which can then be used for international payments via exchange with existing cryptocurrencies.
Is the idea of having XET and XEC helpful to the Eternal Exchange?
While the idea is seen as a solution to conjure the centralized exchanges to the decentralized nature of XET, the overall function revolves in making the exchange a conversion center for crypto payments. Users of XET will be able to keep track of their funds through a centralized regulated exchange.
However, most enthusiasts of this coin view the whole explanation of the work of XET a bit off as the company could have stuck to XEC and not issue XET at all. For users who would want to transfer their BTC to XEC will have to convert first to XET which makes the process a bit redundant, doesn’t it?
“Eternal Coin (XEC) can be traded and acquired via authorized exchanges ONLY which leads to the disadvantage that XEC can’t be acquired via ANY unauthorized exchanges throughout the world. Therefore, Eternal Token (XET) is developed to be listed and tradable with various currencies on global exchanges.”
Eternal Token: A scam or legit project?
While the community members on the BitcoinTalk page of Eternal token continue to praise the coin to levels currently reflected in the price, the project has raised some red flags. First, the social pages of the coin have been scammed by new accounts that praise the eternal abilities of the project. While some users are genuine, the over praising by possibly ‘FOMO creators’ creates some doubts on the coin.
Additionally, the token use case is quite blur and sounds rather plain and useless in my case. XEC looks more legit. So will the coin survive past this phase of boom stronger or will the price dump as seen in projects that are overpriced?
Reports of an upcoming dump ring true to the XET coin in the coming days as investors bask in glory at the moment. As is with the case seen on Eos (EOS) earlier in the year when it rose past the 5th position and people called it a scam, Eternal token may be strange at the moment but come good in future. We wait and see.
However, it can’t be taken from them the incredible achievement of reaching the 50th position after the 600% weekly increase a few days ago. Al the best, Eternal Token.