What is Mysterious Eternal Token and Why It Gained Over 640% in a Week?

A new Eternal Token (XET) launched in August has seen 646% weekly growth. Such a hike is probably explained by the company’s partnership with Philippines-based Eternal Wallet.

Photo: XETO / Twitter

Photo: XETO / Twitter

The crypto market is continuing stabilizing, with some coins seeing a sufficient increase in price. Currently, the crypto community is actively discussing a new Eternal Token (XET) which has gained about 396.2 % in about 36 hours, and more than 640% during the week.

Eternal token (XET) is proxy token that can be exchanged with Eternal Coin (XEC) —a centralized digital currency issued and overseen by the Japanese Atom Solutions — at 1:10 ratio. Converted to XEC, the token can then be used for international payments via exchange with existing cryptocurrencies. Both XET and XEC are issued with 200 million units. It is notable that XEC can’t be acquired via any unauthorized exchanges throughout the world. Therefore, Eternal Token (XET) is developed to be listed and tradable with various currencies on global exchanges. The issuance between two compatible virtual currencies is a new form of virtual currency to solve the disadvantage of XEC and other currencies with similar situation.

Eternal Coin’s main feature is not just being a virtual currency. Eternal Coin is an integral part of Eternal Wallet which enables transerring currency via phone number. The Eternal Wallet allows users to convert their local fiat currencies into the fiat currencies used by the receiving parties through Eternal Coin and transmit money to the wallets of the receiving parties with a touch of a button.

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.

Eternal Token was created on June 12, 2018, and first listed in CoinMarketCap on August 13. Initially, its price was about $0,072 per coin. Over two weeks ago, XET was trading at $0.090469.  On September 25, Eternal Token had a cap of $41,326,969 and its twenty four hour trading volume was around $1,391,209. Currently, the token’s price makes up $2.21. Its total supply is 200 000 000 XET, and its 24-hours volume is $959,650. In the 7 day period, Eternal Token is 223.14% against the US dollar. In general, the token gained more than 640%.

What are the reasons or such a growth? Some believe that XET’s popularity is caused by signing of an agreement with blockchain-based company Eternal Wallet PH Holdings, Inc., Philippines. The partnership will allow Eternal Token to acquire a virtual currency exchange license in that country. 

It’s not always possible to buy Eternal Token directly with dollars. Those interested in XET may first get Bitcoin or Ethereum and then invest in Eternal Token using an exchange that has got US dollar trading pairs.

XET is currently gaining traction, however, there are always those who think it is a new scam. Only time will show. Anyway, allowing users to keep track of their funds via a centralized authority is a very attractive idea.

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