As you guys should know by now I am very keen on the prices of new tokens being released, especially tokens by those mobile crypto mining applications. One of which is the Eagle Token. I have been mining Eagle for perhaps 6 to 7 months already. And a few months ago, they did a bulk sale of their tokens to early investors. No, I am not really a fan of such pre-sale sales but it happened and it looks like quite a lot of tokens were sold during this pre-sale. I happened to make a post on this and it indicates the approximate price and what I would expect from the actual price of the Eagle Token. And just recently, Eagle had actually announced the price for their Eagle Token – it is starting at USD 0.0003. With the max supply of 10 billion tokens. This will make their marketcap to be around USD 3 million. And yes that is one very low marketcap in the cryptosphere. This would mean that the token can be easily manipulated by bigger players and vast price fluctuations is to be expected. In my post, I had estimated the price of the token to be USD 0.003 instead of USD 0.0003 as the price of USD 0.0003 is about the same price as what the early investors (bulk purchase) had paid for. So yes, it kind of sucks to be an early investor then. You can simply trade them now for approximately the same price.
And for those who have been mining for 6 months or so, you probably had been thinking that you might be getting rich from doing the daily mining. But lets give an estimate of what you will be giving if you mine diligently daily – I got about 7500 Eagles (if I had not purchased the pre-sale) with like 2 friends using my referral code. So what I will be getting will 7,500 x 0.0003 = USD 2.25 in total! Yes, that is what I get for 6 months of mining. And I am pretty sure that there are plenty of users who have way less than me. Just imagine how much would they be getting. And is this really worth it? I am guessing my electrical bill for charging my phone would be way more than this. And I have to make the effort of going to my phone daily to click on a button.
Of course you could expect the price to raise in the future as more and more features gets introduced into their ecosystem. More features means more demand and that could possibly increase the price of the token. But lets be honest here, how much higher can the token price go? At most it will go like what 10x? Even at such an exaggerated amount, I would get USD 22.50 for that over 6 months of mining. I don’t know about you but I think it is just not worth it. Working for one hour at McDonalds could net you more than 10 dollars nowadays. And this one given to you in cash where you can spend the money right then and there. The Eagle Tokens still needs to be transferred to an exchange where you have to try and change it for fiat currency. All those transaction fees and withdrawal fees will ensure that you will never get the full amount.
So my thoughts here are simple – it is just not worth it. I was initially very excited and bullish about the project. It had actually developed into something that actually works but I guess they do not have the kind of financial muscle needed to get it to its potential. Furthermore with a current marketcap of just 3 million, it is very vulnerable to market manipulation. Yes it might go up in the future but then who knows right? This is not something which can inspire confidence to anyone thinking of investing into the Eagle token. The swap feature might save the project but looks like it has some ways to go. I will still be keeping a lookout for this project and will provide updates along the way. But at this moment, I would NOT recommend my readers to go into this platform. Definitely do not pay for any kind of pre-sale of their tokens.