Since launching in August, Eternal Token (XET) has seen an explosion in volume and price specifically more than 600% over the last week. The token and Eternal Coin are overseen by Japanese Atom Solutions and found on only authorized exchanges. XET has gained 32.79%, 32.60% and 33.38% against the dollar, Bitcoin and Ether to trade at $1.64. And, to review, the last week has seen XET gain by over 645% to move from 110 ranking by market cap to the current 50th position and here are some reasons for the massive gains.
One of the reasons for these massive gains is related to the companies blockchain-based Eternal Wallet PH Holdings, Inc. The deal would license the currency in the Philippines. XET has also entered the Kenyan market recently and will be traded on authorized exchange there. All said, one concern is how the XET price is rising despite not having any noteworthy trade volume. The rise form $0.25 to $1.65 has happened in quick succession and with under $2m in daily volume.
According to the whitepaper, the aim of Eternal Token is to provide a cross-border payment solution backed by a centralized company in charge of building infrastructure for payment settlement purposes and virtual-to-fiat exchanges. Bridging the gap between fintech and virtual currency will be a big challenge, and it remains to be seen how this project aims to stand out from its competitors moving forward.
Many across the crypto community are decrying XET as either a scam or a genius operation that could bridge divergent parts of the banking world. Many commons coins have started under less than auspicious circumstances, but, still, many are waiting for a dump ahead. Those who are interested should pay close attention as the trading line looks to be at a point to watch.
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