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Who Pumped Little Known Egretia into Top 50?

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The Ethereum-based token Egretia (EGT) has raised traders’ eyebrows after a strong surge in price brought the token from being virtually unknown to the top 50 coins club.

Source: iStock/princegarik

The token, now ranked as 48th by market capitalization and which is not traded on any major exchanges other than OKEx and KuCoin, has surged from a price of less than USD 0.001 in early April to USD 0.041 as of press time Tuesday (14:33 UTC). The coin is down by 15% today, but it’s still up by 21% in the past week and by 450% in the past month. Its reported market capitalization stands at USD 174 million.

Egretia price chart:

Source: coinpaprika.com

Reportedly supported by the Singapore-registered Egretia Foundation, the project is based out of China, which is also where the majority of its team is from. Most likely, a large portion of the trading activity in the EGT token is centered in China, as OKEx, a popular exchange among Chinese traders, is responsible for more than 90% of the EGT trading volume.

In either case, the Egretia project describes itself as the “the world’s first HTML5 blockchain engine and platform,” and on June 5 this year released its testnet, the project announced in a blog post.

Egretia claims to work with Egret Technology, a company that says that it has more than 200,000 developers worldwide. The team is reportedly also working on “blockchain game development,” with a plan to release a blockchain-based football game, according to its own website.

However, Egretia still has a very limited online presence for an English-speaking audience, with little independently verified information available.