Einsteinium News: Price Explodes Ahead of Hard Fork and “Mind-Blowing” Announcement
We take a look at Einsteinium’s recent price explosion as hard fork and a 'mind-blowing announcement' draw near.
Einsteinium’s price has rocketed this week, currently up 108% after news of a hard fork to cut its circulating supply has driven trading volumes well over $369,959,000. The price now sits at an impressive $2.28 after a year-long slump had seen its price fail to break past $0.14.
News was released on October 22nd confirming the announcement that the hard fork would continue as planned, aiming to remove over 50 million coins from the current circulating supply. Until recently there was little movement in the price, as it loomed around $0.12-0.14, but confidence grew following the first price surge where Einsteinium hit $0.54 just before December.
The surge no doubt created an attraction for new, outside investors to look into the alt coin, which has now resulted in the price rocketing over 440% in the last week.
So what does this mean for Einsteinium?
You don’t have to be a Wall Street broker to appreciate that when something intends to remove nearly 25% of its current supply, the price of the remaining 75% will certainly rise.
This will be not only a promising announcement for those that have been hodl-ing the coin since its arrival on the market 3 years ago, but also a big incentive for short-term investors looking to turn a quick profit, especially with Bitcoin’s current price growing exponentially.
With this influx of short-term investors, we can expect to see the price fall harshly during the rush to cash out profits, and correcting somewhere around the current price, unless the post-fork inflation pushes the price high enough to survive the bears.
Why would anyone HODL Einsteinium for the future?
The recent news of the hard fork was not the only thing to raise awareness for the alt coin. A recent Twitter post announced a huge development was soon to be released – with rumours circulating of a potential buyout from the global tech giant, Apple.
However, a follow up Tweet clarified that the announcement will not be about Apple for now.
Will we see Einsteinium push to even greater heights in the coming weeks? Or with so many short-term investors involved in the recent price hike, will fear of the sell-off after the hard fork put too much pressure on the long-holders?
It’s probably safe to say Einsteinium still has a long way to go, but with so much speculation surrounding it at the current time, it can only carry on climbing in the days to come.