EGX Remains Stagnant – Is It A Legit Coin?

On Sep 1, 2023

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The original idea of the Enegra (EGX) project was to enable global competition among commodity miners in emerging markets. This event was strategized to occur through governance, logistics, risk management, and world-class trading experts.

But while Enegra promises to be one of the most renowned owners of physical commodities, indications reflect it as a scam project. The token claims to have a market cap above $16.5 billion, a figure high enough to place it among the top tokens on crypto market platforms.

However, the Enegra token ranks #2,191 on CoinMarketCap. Notably, most tokens around this position have market caps ranging from $450,000 to $150 million.

These fraudulent signs are also seen in its price movements, particularly on the daily price chart. Let’s delve into its price performance to unveil more detail as we examine the possibility of a pump.

Enegra Maintains Narrow Price Fluctuations – Time for a Selloff?

Enegra hasn’t recorded any notable price movements over the past seven days and in the last 24 hours, displaying slight positive changes of 0.01% and 0.10%, respectively. At 12:12 AM EST, September 1, Enegra trades at $193.

Interestingly, the token has primarily been in this range since the start of August, even though it made some upticks to the $200 level at some points.

Furthermore, Enegra has recorded more selloffs regarding transaction activities with the token, particularly in the last 24 hours. Over this period, its trading volume has dropped by 3.46% to over $2 million.

Given the suspicion surrounding the token, this information could have been manipulated. Importantly, traders who want to stay afloat of potential risks with the token should opt for a selloff.

However, that move will only be possible if the project avails such an opportunity.

How Technical Analysis Defines Enegra’s Future Trajectory

The Enegra market has been flat since the start of August, which is unlikely for a token with such a huge market cap. It is believed that tokens with such a market cap range should record heightened market activity, thus driving volatility.

However, Enegra finds itself on the opposite path, keeping the Moving Average Exponential (EMA) at the center of the green and red candles. Although Enegra is forming a green candle today, it may not hold for long, considering its past performance over several weeks.

The balanced movements in the EGX market are also reflected in the Relative Strength Index (RSI) reading of 51.58 and the MACD indicator position.

This formation underscores the passiveness in the market, further strengthening the fraudulent suspicion of the token. This uncertainty around the Enegra market raises the need for more cautiousness when approaching crypto investments.

As such, it remains crucial to regularly perform in-depth research about a particular asset before investing in it. But while Enegra’s moves and current status depict a scam, investors can make profits buying in early on a promising meme coin WSM on presale.

Enegra Best Alternative – Wall Street Memes (WSM)

Wall Street Memes (WSM) is a good option for most investors with exposure to the world of memes. WSM provides the proper playing ground with a community-influencing approach and utility to the real world.

A prominent aspect of the WSM’s utility is the staking program that allows investors to stake WSM coins and earn passive income. The staking program ensures the project’s sustainability and will create price equilibrium in the long run.

Based on its increased acceptance in the crypto space, WSM already has more than 1 million members in its community.

According to its official website, prominent crypto influencers and personalities like Elon Musk engage on the platform. Also, WSM records over 40 million impressions each month.

WSM Presale Ticks Toward the End – Final Call to Investors

Wall Street Memes has moved into the final stage of its presale with more than $25 million raised. The current presale stage has a price of $0.0337 per token. The presale has 25 days to wrap up and launch on tier-one exchanges.

Investors should visit the project’s official website and buy WSM at a reduced price using ETH, USDT, or a bank credit/debit card.