What is Eternal Token? XET Enters Top 100 With 646% Weekly Growth

Eternal Token (XET) entered into the market cap top one-hundred rankings for the first time on Wednesday, surging off the back of 646% weekly growth. The token launched in mid-August and is only listed on two exchanges, but that hasn’t slowed the momentum that carried it 1,414% growth in the last fourteen days.

So what is Eternal Token, and can we expect it to maintain the All-Time-High it reached today?

What Is Eternal Token?

From the information gleaned from the website, and the project’s BitcoinTalk announcement, XET appears to be a proxy token that entitles users to a set ratio conversion of XEC (Eternal Coin)- a centralized digital currency issued and overseen by the Japanese firm, Atom Solutions.

An exact conversion ratio cannot be accurately pinpointed since various numbers exist in official documentation, ranging from 1:1 to 1:10. The idea is that XET is converted to the centralized XEC, which can then be used for international payments via exchange with existing cryptocurrencies.

The idea is sold as a helpful solution to allow users to keep track of their funds via a centralized authority – essentially a conversion center for crypto payments. But that raises a few questions, namely – why is the initial issuance of XET necessary at all? Why can’t users just convert their BTC or ETH to XEC and then use the service as described?

Perhaps the launching of an ICO can garner more exposure than a simple product launch ever could, not to mention the fact that the team now presumably have some R&D funds to play with. The BitcoinTalk forum page is awash with new accounts proclaiming the genius of this project; while also containing a few genuinely curious individuals, as well as those yelling ‘scam!’ – but that’s hardly unusual.

Already there are whispers of a dump coming, as is to be expected after such meteoric growth over the last two weeks. Whether the dump hits or not, it’s probably too early to judge Eternal Token since many coins and tokens have started off under strange and unusual circumstances, only to hang around through some kind of persistence.

XET to Moon?

Little over two weeks ago XET was trading at $0.090469. Fast forward just over fourteen days and the token is worth $1.37. That’s the peak XET hit on Wednesday morning at 06:00 UTC, and represents 1,414% growth against the dollar. The token levelled off at $1.30, where it remained for the rest of Wednesday.

In the past week the surge has slowed somewhat, equalling only 646% growth, up from the weekly low of $0.183598. Volumes have almost risen by 1000% in the past week, up from $135,000 to today’s peak of $1.45 million.

Featured image courtesy of Shutterstock. 

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