The ETERNAL TOKEN, or XET, has only been listed on Coin Market Cap since August 13. However, the token has experienced a sudden rise in its value to where the currency has increased by nearly 400 percent in value in the past few days. The token has already skyrocketed in value to have a market cap of nearly $80 million. This marks the largest total value of the currency since it had been first listed on the site. Part of this comes as the layout of the currency is growing with future plans coming about soon.
This past Monday, XET had a value of 25 cents per token with a market cap of about $15 million. During the early part of Tuesday trading, XET rose to about 70 cents with the trading volume going over $1 million for the first time.
On Wednesday morning, the value rose once again. The currency moved up to about $1.25 per token with a market cap of close to $80 million. The trading volume has been close to the $1 million range.
The chart for XET shows three significant moments where the currency rose in value. Those three occasions were ones where the value boosted upward dramatically. The currency has been hanging at around the same value in between those moments and for much of Wednesday, although the token has shown a slight rise in value.
XET has been traded on IDAX and Sistemkoin in recent time. These are the only two exchanges that the token is on. A vast majority of the trades were held on IDAX.
The Main Reason
While the chart for XET looks as though this is a pump-and-dump scheme, the true reason why ETERNAL TOKEN is growing in value is that the company behind it has reached a major agreement. Atom Solutions, the company behind ETERNAL TOKEN and ETERNAL COIN, reached an agreement with the Philippines-based blockchain group Eternal Wallet PH Holdings. Atom Solutions now has a currency exchange license that may be used in the Philippines.
Atom is aiming to produce a new exchange for ETERNAL COIN or XEC. XET would be offered on other exchanges and would be a bridge token between XEC and many other currencies. XET is expected to be added onto other exchanges with the intention of the currency being included on more major names. However, XEC would still be on a dedicated platform that Atom is working on with help from Eternal Wallet.
About the Token
Atom Solutions is working with ETERNAL COIN and ETERNAL TOKEN to create a payment system that goes across international borders. The system would be supported by a centralized company. The goal is to produce a full network for payment settlement plans and for handling exchanges that can convert cryptocurrencies into fiat currencies.
XET is expected to continue to be analyzed to reviewed how the currency is working. This includes a full look at the possibility of the currency to grow in value or if the changes in the value might only be temporary. There is a potential for a correction to occur with the currency in mind.
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