News
On October 24th Elastos announced that they will unwind their lock-up program early.
'All locked up coins, including a 4% bonus, will be returned to lock-in ELA holders on November 5th, 4am UTC. ELA coins will also be returned to angel investors on November 20th, 4am UTC.'
Following this announcement the Elastos price dropped about 15%
What is Elastos?
Elastos claims to be the safe and reliable internet of the future. Using blockchain to create a safe environment where decentralized applications are detached from the internet and providing the generation of wealth through ownership and exchange of your data and digital assets.
Is this a Buying Opportunity?
Elastos is trading at $6.16 at the time of writing from its ATH of about $80. There will be a release of ELA tokens in circulation on 5th November followed by another release on the 20th. Could this mean a further drop in price?
Opinion
Elastos to me seems like one of the stronger crypto projects. Though many start-ups are trying to sell their 'new internet' idea, visionary Elastos founder Rong Chen, after leaving Microsoft, has been working on this project for the last two decades and secured substantial backing and funding which gives this project a better chance of succeeding over the newer startups.
I don't think Elastos is a falling star and I do think it could be a phoenix with a good opportunity here. Elastos price however could drop further after the token release so it may be prudent to wait a while and see how events transpire.
Disclaimer
I'm not a financial adviser and this is not financial advice.
I'm JohnnyRevolver.
