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Power Net Token (EWT) rallies 50% shortly after itemizing on Kraken

03/03/2021

Plans to introduce staking and the latest itemizing on Kraken pushed Power Net Token’s buying and selling quantity and value to a brand new all-time excessive.

One of many largest debates going down on a world scale pertains to vitality manufacturing and the combination of renewable vitality sources into {an electrical} grid dominated by carbon-based fuels and nuclear energy. 

Power Net Token (EWT) is one challenge that’s rising in reputation because it goals to combine blockchain expertise into the vitality sector. The challenge additionally plans to assist with software growth and it’s making a decentralized vitality alternate.

Knowledge from Cointelegraph Markets and TradingView exhibits that the value of EWT elevated 65% from a low of $11.38 on Feb. 28 to a brand new all-time excessive of $18.78 on March 3 with a file $8.66 million in 24-hour buying and selling quantity.

EWT/USDT 4-hour chart. Supply: TradingView

The principle growth serving to drive the value of EWT increased was its March 1 itemizing on Kraken alternate. Kraken is at present the fourth-largest cryptocurrency alternate by quantity and has supplied EWT with its largest buying and selling market to this point.

Buying and selling quantity for EWT elevated by 265% following its itemizing on Kraken and at this time the value continues to maneuver increased as group members speculate on which alternate will listing EWT subsequent.

EWT pronounces staking and utility nodes

One other supply of optimism for EWT got here from the Feb. 25 announcement that staking would quickly be enabled for token holders within the type of escrow-based decentralized service-level agreements (SLA), which might be used to create utility nodes that can provide companies on the community with the stake appearing as an incentive to supply high quality companies.

In accordance with Power Net’s Chief Business Officer Jesse Morris, the staking mechanism created for EWT is a “new type of crypto mannequin.”

Morris stated:

“It is key to unlocking tens of hundreds of utility nodes (run by the ecosystem) providing low-cost, dependable IT companies to grid operators. No extra vendor lock-in or RFPs required to standup an enterprise app.”

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for EWT on Feb. 27, previous to the latest value rise.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of knowledge factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. EWT value. Supply: Cointelegraph Markets Professional

As seen within the chart above, the VORTECS™ rating for EWT reached a excessive of 67 on Feb. 27, roughly 60 hours earlier than the value started to interrupt out from $12.91 to its present value of $17.91. On the time of writing EWT’s VORTECS™ rating stands at 80.

The controversy surrounding renewable vitality and its integration into the worldwide economic system is probably going simply getting began, and Power Net Chain might have the first-mover benefit within the decentralization of the vitality trade.

Rising incentives for token holders, together with new alternate listings has EWT well-positioned to change into a pacesetter within the blockchain-based vitality market and that is sure to attract in new traders.

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your personal analysis when making a call.