Even though E-Coin started out as a mere joke in the world of cryptocurrency, the project is still going strong. Fans of the “Mr. Robot” TV show will be all too familiar with this new “currency”. Amid the current market volatility, E-Coin is the only cryptocurrency to have noted any significant gains over the past few days. At its peak, it was even up by as much as 332.22%, although things will return to normal once again. It’s always important to see the humor in these things, especially when there’s nothing else to be overly happy about.
E-Coin is Destroying all Cryptocurrencies
While the E-Coin portrayed in “Mr. Robot“ does not exist in the real world, it is a real thing in the world of cryptocurrency. E-Coin was created quite some time ago, yet it has flown under most people’s radar, for obvious reasons. No one takes this currency even remotely seriously, yet some of its holders have made a nice profit from getting in early. Without sufficient trading volume, ECN will never amount to much, but that doesn’t mean there aren’t spectacular gains to be had either.
It is worth noting that the E-Coin cryptocurrency has a non-working website as of right now. Thankfully, its Bitcointalk thread is still active, which allows us to briefly state what the currency is all about. It’s a decentralized and proof-of-stake-based cryptocurrency. Similar to how the currency works in “Mr. Robot”, ECN will turn into an interest-bearing asset with a 120% annual return due to the proof-of-stake aspect. It’s not a unique model by any means, but it does seem to have attracted investors regardless.
The big difference between ECN and Mr. Robot’s E-Coin is that the former’s code is completely open source. In the TV show, everything is kept under tight wraps, with no information being made public and a centralized entity in control, whereas this “offspring” is public and open source. There was also an ICO for this project, although it remains unclear how much money was raised during this campaign.
Even though E-Coin – the crypto version – never gained any major traction, it has seen some insane gains despite basically no trading volume. According to CoinMarketCap, the E-Coin price has increased by 332.22% over the past 24 hours. This has catapulted the value of 1 ECN to US$20.73, which is well above what this coin should be worth in its current form. Do keep in mind all of this was achieved with just US$9,337 in 24-hour trading volume, which is next to nothing.
Finding a market where one can trade E-Coin is pretty difficult as well. CoinExchange is your best bet, yet it is one of the smaller players in the world of cryptocurrency right now. As E-Coin’s exchanges are less “trusted” and generate little to no volume, it seems the price will return to normal pretty soon. It is interesting to see such massive price gains when everything else is crashing and burning, though.
These solid gains also represent a 464.07% increase in the ECN/BTC ratio. That in itself is pretty spectacular, although with no trading volume to speak of, price manipulation on this scale is rather easy to perform. While it does provide some comedic value, it is something most people will forget about soon enough once things return to normal. We can only hope the new normal means major cryptocurrencies will appreciate in value once again. Right now, things are not looking all that promising.