The Ethereum-based token Egretia rose to 30th place in the list of cryptocurrencies largest in terms of capitalization, although in April it was not even included in the first 600.
Egretia (EGT) token went up 127 times in 2.5 months
On Wednesday, July 10, the Egretia token set the historical maximum value at $ 0.0951. In mid-April, the price of the asset was at $ 0.000727, and during the course of only 2.5 months it increased 127 times.
Then the asset capitalization was about $ 2.6 million; it was not included in the first 600 cryptocurrencies by this indicator. Today, the project cost exceeded $ 389 million, it rose to 30th place in the Coinmarketcap rating.
In collaboration with Egret Technologies, which created the first HTML5 workflow for game development, Egretia wants to bring 200,000 developers and 1 billion mobile devices to the world of blockchain.
By integrating important blockchain attributes, such as transparency and decentralization, Egretia will enable developers to develop games that offer a uniform digital wallet and smart contracts. This offers more possibilities to trade between different games.
Real reasons for rising of EGT seem to be missing
The market capitalization of the token has risen from just $ 1.2 million in early 2019 to a current value of nearly $ 80 million. In addition, the currency has a total offer of 8 billion tokens, with just over half of 4.16 billion in circulation. The coin has been in existence since the end of 2018 and is primarily tradable on BiteBTC and OKEx. In addition, there are six other stock exchanges that trade the currency. There are also a number of stock exchanges that will note the currency in the future. The altcoin won the vote on the Huobi FastTrack platform, ahead of the CRO coin by a wide margin.
What is particularly striking: there seems to be no reason why Egretia is performing so well. But it does not seem that the recent increase is the result of simple pump-and-dump attempts. The crypto coin has been on the rise for almost two months without interruption.
Although Egretia has made extraordinary profits in recent months, this is by no means an indicator that comparable profits can be expected in the short term. It seems that this is pure speculation, with no major crashes to date.
Yet the usecase seems to be one that has quite some potential. In China alone the HTML5 gaming industry has grown from 50 million yuan four years ago to a current market of 6 billion.