Launch Of M1 Phone on Amazon UK Fails to Cause Upward Movement In Electroneum Price
Most crypto projects stay far away from launching their own hardware supporting accessories, but Electroneum launched their native phone. Building such a device is one thing, but ensuring it can be distributed on a large scale is something else entirely. In the case of Electroneum, the team has built a new phone known as the M1.
The premise of the phone is that it will give owners access to cloud mining. We can’t yet tell who has made the phone, though we suspect that in terms of hardware, this has probably been designed by another company such as LG, who have previously built phones for other manufacturers (Google).
The Merkle writes:
“Although this device is not designed to be a powerhouse by any means, it can still be a promising development. The main focus lies with selling this $80 phone to as many people as possible and expand the Electroneum ecosystem in the process. According to the website, users will receive up to $3 worth of ETN per month by running the cloud mining application. It is not the most lucrative option to make money, but it can help offset some costs. Additionally, the Electroneum cloud mining app recently introduced new features. Users can now top up their air time in select countries, which was introduced just ahead of launching the M1 phone.”
Even though the project seemed to be promising, the price of the Electroneum token doesn’t seem to reflect it. Over the last day, ETN has lost 1.5% to its BTC value. Considering the fact that Electroneum M1 smartphone can now be purchased from Amazon in the United Kingdom, this decline has come at a wrong time.
— Philam Henry (@cryptophilam) March 21, 2019
There is a that Electroneum could be added to Litebit. This can be huge for European users providing an increasing number of fiat currency gateways which might help improve ETN’s market cap.
— Cj (@CJ51302078) March 21, 2019
It is not all disappointment for Electroneum. Major cryptos like Bitcoin has already started to show trends of the bullish market. It's only a matter of time when altcoins start to follow.