Yet again, E-coin (ECN) experienced substantial gains today, increasing by as much as 2,399%. This trickled off to 1,141% and is now 179.26% up based on the past 24 hours. The coin is currently selling for $65.57.
This is the second time E-coin saw an extreme leap in percentage gains. A few days ago, on Tuesday, the token rose by 4,549%, a staggering amount for any coin. At that time, E-coin’s price was almost $300. Not even a day later, the coin lost all of its growth, returning to a $3 rate. This has led to speculations about the token being a potential pump and dump scenario. The sporadic jumping certainly makes me wonder how trustworthy this coin actually is.
E-coin is currently ranked as the 65th largest cryptocurrency with a market cap of $326.6 million. Judging by what happened on Tuesday, I have little expectations of E-coin keeping its momentum. It wouldn’t surprise me to see the coin return to a couple of dollars by the end of the day.
E-coin’s website is down at the moment, however, this could be a coincidence. The message currently displaying on the site reads, “Thank you for participating in our Perks Program. We’re continuing to work on new ways to make Ecoin better for you. Stay tuned.”
Make what you want of that, but to me, that raises red flags.
When released, E-Coin was said to be a proof-of-stake crypto based on algorithms and ECN was meant to be a peer-to-peer, open-source, community-driven coin. It is supposed to be an interest-bearing asset with a 120% annual return. Little more has been released about this crypto.
Even if it turns out that E-Coin is a trustworthy coin, these fluctuations make it seem unlikely that E-Coin will ever amount to anything. Even if the coin is totally legit, I’d still be hesitant to trust the token, given its extreme drop-offs.
Featured image: E-Coin