Egretia (EGT) Catapults Into Top 100 on 781% Monthly Surge – What, How and Why?

Egretia (EGT) made a splash onto CoinMarketCap’s front page on Wednesday, after surging over 30% on the day, and cementing 170% growth for the week.

The Ethereum-based token came from seemingly nowhere, yet the coin’s recent past shows nothing but upward momentum. The EGT token gained 781% during the past month, and a ridiculous 4,824% over the previous quarter.

So what is Egretia – and why is it on the move all of a sudden?

Egretia – HTML5 Blockchain Gaming

Egretia’s announcement on the Bitcointalk forums in April 2018 came bearing the tagline of “the world’s first HTML5 blockchain engine and platform”. This proposed integration of HTML5 internet tools with blockchain technology promised to “bring 200,000 developers and 1 billion HTML5 terminals to the blockchain world”.

Of the 8 billion EGT tokens put up for sale during the ICO, just 39% was made available for public investors. At time of writing, Etherscan shows just over 10,000 EGT addresses – not an inconsiderable number considering its recent launch. (Many of these small-cap altcoins covered on Hacked often have a mere handful of addresses).

One of the most eye-catching aspects of the Egretia website is the link to ‘Football Master’, which is tagged as the world’s first blockchain football game. Clicking through we see numerous F.C Barcelona and Real Madrid players represented in in-game stills, including Lionel Messi and Cristiano Ronaldo.

Football players’ likenesses are big business – especially Messi and Ronaldo’s. Could it be that this little-known crypto project has snagged highly sought after image rights for two of the most well-known sportsmen in the world?

Interest From China; Egret Mobile Games

To answer my own question, this prospect seems unlikely. However the company behind Egretia – Egret Technology – was founded in 2014, and quickly became the main provider of HTML5 mobile gaming engines. That’s according to the firm, as noted in a Technode piece from 2017.

Egret Technology is a publicly traded company on the National Equities Exchange and Quotations market in China.

The project roadmap notes a Q2 2019 release date for a blockchain gaming platform. But when I click on ‘Football Master’, it still appears to be in development. In Q3 of this year the roadmap predicts the launch of a virtual goods trading platform.

This recent surge coincides with the launch of a 5 million token giveaway on the OKEx exchange. That’s the same exchange where EGT trading surged on the day.

Egretia Price Pump

The EGT token catapulted into the top hundred by market cap after 170% weekly growth. That saw the price surge from $0.007247 up to $0.019601. On Wednesday alone the price sprang from a $0.014490 starting point.

This time last month EGT was priced at $0.002224, while last quarter it was as low as $0.000398. In that time its value increased by 4,824%.

Whether Chinese investors know something we don’t, or whether this is just another case of a stray altcoin pumper, only time will tell. Until then, don’t trust everything with Messi and Ronaldo’s face on it.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via CoinMarketCap.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.