Sirwin
Sirwin

FOMO ALERT: ETN Supply and Gig.Guru 🔥🔥🔥


Many who are quick to criticize Electroneum point to the large supply. They assume that a large supply means that the price is not capable of moving positively. Is this fact? Or is it false logic?

Electroneum's Supply

Currently, the circulating supply of Electroneum is 9,550,613,986 ETN. The total supply is 21,000,000,000 coins.

When you research the current block reward, you see that 7,346.97 ETN were awarded to the miners in the last block. This number goes down very little with each mined block. About 100 less ETN are rewarded each week per block. Doing the math shows that 5,289,818.4 coins are emmited daily. At today's price this would be $21,556 worth of coins emmitted daily.

Gig.Guru and ETN's Supply

The Electroneum team are close to releasing the website Gig.Guru. Here, electronic/digital jobs can be posted and accepted without the team taking a percentage. All profit will go to the person doing the work and they will be paid in ETN.

To know what type of potential Gig.Guru has, we can analyze their competitor, Fiverr.Com. Fiverr's website states that they sell a gig every 5 seconds. This would be 17,280 gigs a day. If each gig was $5(base price), that would be $86,400.00 a day. If Gig.Guru matches Fiverr, it would take 21,202,454 ETN to satisfy the daily demand of the website!

If Gig.Guru matches Fiverr, it would take 21,202,454 ETN to satisfy the daily demand of the website!

What This Means For Price

Gig.Guru will need 15,912,636 MORE ETN each day than what the block reward gives to miners. Coins will need to be bought from sellers on exchanges to meet the demand. This will cause price to go up. Why?

Kucoin is one of the most popular exchanges for ETN. Take a look at the Sell orders. How many do you see for even 1 million ETN? Not many if any. If you read about the ETN ecosystem you will see that once coins are out in the hands of the unbanked through Gig.Guru, they will not go back to exchanges. They will be used to buy goods and services in the users home town.

This increase in constant demand coupled with a slowly decreasing supply and scarcity will drive ETN's price up. In conclusion, the supply of Electroneum seems to hinder the price today but soon, it will no longer be a point of argument.

Gig.Guru will need 15,912,636 MORE ETN each day than what the block reward gives to miners.


The opinions previously expressed should not be taken as financial advice. Invest at your own risk.

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