Electroneum (ETN) popularly known as the mobile cryptocurrency celebrates the second anniversary of its launch today. The cryptocurrency has been on a downturn trend in the past three months, so we would analyze why the Electroneum seems to struggle.
Failure to Harness Potentials
Electroneum is one blockchain project that has surprised crypto analysts as it has great potentials but has continued to flounder in 2019. Created with the aim of bringing easy crypto transactions to millions of mobile users, it is in danger of being classified as a failed project.
There have been inability to meet roadmap deadlines by its team and little to no update about latest activities despite a large community around the project.
What has been surprising was the descent of the coin from the top 100 in April. It experienced a negative slope during the period where other cryptos were making steady gains. A developments that didn’t help the coin was the liquidation of crypto exchange Cryptopia.
The exchange went out of operation after a major hack and as at the time of the attack, Electroneum was the most traded coin on the platform.
M1 Smartphone Failed to Generate Buzz
Electroneum has also failed to capitalize on the publicity that came with the release of its mining smartphone M1.
The phone which was launch at a budget-friendly price sold well but was unable to generate enough buzz to pump its price. There also were complaints about the Electroneum mobile app, with many calls on the developers to make major changes.
Electroneum Can Still Bounce Back
Despite these issues, Electroneum has made gains with some partnerships with financial institutions and has spread in the African market as more merchants have adopted ETN as a means of payment.
The coin has been listed on more exchanges since the beginning of the year and appears to conform to regulations.
As it celebrates its 2nd anniversary, there is still much work to be done by the blockchain platform to be seen as a serious project within the crypto community.