Who Pumped Little Known Egretia into Top 50?
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.
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:
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.