Metaverse ETP (ETP) is having an ongoing pump taking it beyond the usual levels of the past days. The asset is strongly affected by the rules of Bitfinex, and at the moment, shorting ETP is impossible, due to a lack of trading funds.
The ETP pump is seeing relatively small volumes of $12 million in 24 hours, but the climb in prices is starting to look unrealistic. ETP has appreciated by more than 116% in the past week and is not affected by the general market sentiment.
ETP reached a price of $1.49 on Tuesday at 7:00 UTC, after gaining more than 13% overnight. The sharpest price growth, a spike from $1.33 to $1.59 took only about an hour, followed by choppy trading. ETP also reached a temporary peak at 24,906 Satoshi before retreating toward 23,000 Satoshi.
The ETP trading profile is curious - with more than 85% of the volume listed as USD pairings, according to data from Cryptocompare.com. However, on Bitfinex, some USD positions also use USDT, making the price of ETP is almost completely independent from that of Bitcoin. What is even more glaring is that the Bitfinex price of ETP is trading at a premium, at $1.51, while other exchanges such as HitBTC go as low as $1.21. This ties the ETP phenomenon of ETP to Bitfinex in particular, and some see the risk of margin trading over-inflating prices.
What is more worrying is that mining ETP was starting to look too centralized, with one pool easily taking over more than 51% of the hashrate. This is not necessarily a sign of an attack, but it is worrying.
Some commentators have gone on to show that the Metaverse project is still raising doubts that it is a post-ICO scam abandoned by the founder Eric Gu. Expectations of listings on Binance, Huobi, and other similar exchanges, were dashed, and the price crashed and drifted.
The team has also actively sold ETP in the past, to the tune of $4.5 million per day, supposedly to afford listing fees. However, there is no information about the future of the coin. Metaverse ETP has invited comparisons to other Chinese platforms, such as NEO and Waltonchain (WTC), but the project seems to only have a wallet and some mining, and no other products coming up.
Traders see the ETP climb go on as high as $1.90, but another crash is expected soon, and no rationale could be found for buying ETP except for taking a short-term bet.
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