Eternal Token (XET) is flying high, depicted by a 150% plus rally that has catapulted it to top 100 rankings. Launched in mid-August, the token is showing no signs of slowing down. It is still unclear whether the explosive spurt is part of a pump and dump strategy among investors.
Eternal Token (XET) Catalysts
Eternal is a cryptocurrency platform that seeks to offer people an easy way of tracking digital assets. Information also gathered on the company’s website indicates that XET is a proxy token. The token entitles users to set a conversion ratio for the XEC Coin, overseen by Atom Solutions, which is a Japanese firm.
One of the reasons why Eternal is skyrocketing has to do with the signing of a major partnership. Backers of the new coin have entered into a deal with Philippines Eternal Wallet PH Holdings. Under the terms of the deal, the backers will now be able to acquire a virtual currency exchange license in the Philippines.
Global Expansion Push
The announcement of the Philippines partnership saw XET volumes inch higher in Asia. The developers have since switched focus to global outlook as a way of driving visibility and usage of the coin. The African continent is one of the markets that the team has set sights on.
The team has already set roots on the continent with a new project headquartered in Nairobi, Kenya.
“We are pleased to announce that our project in advancing new official authorized exchange of Eternal Coin in Kenya, Africa has been established. Stay tuned for more updates,” XET announced in a tweet.
The blockbuster move upwards could come under pressure given the mixed reactions of the catalysts behind the rally. Fear is known to grip the markets whenever new coins/tokens such as XET outperform older digital assets.
Eternal could shrug off the concerns given that solid developers and marketing team are supporting it. The team continues to work around the clock to increase the token’s visibility in the broader industry. The token also continues to get a lot of publicity through social media, in particular, via Twitter.
Constant communication between the project team and the community continues to have a positive impact on the XET rice. After skyrocketing to the $1.25 USD mark in August, the token price hit a wall and consequently plunged as it succumbed to bear pressure.
Bulls have since regained control and pushed the token past the $2 USD mark. Pullbacks from higher highs have so far acted as buying opportunities from where buyers have come in and pushed the token higher.
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