John McAfee Tweets First Coin Recommendation; Pump and Dump Follows

John McAfee has Tweeted his first coin recommendation after yesterday's announcement. His chosen coin, ETN, saw a pump and dump following the Tweet.

John McAfee, the renowned businessman and entrepreneur, has quite an influence on the crypto market, as was evident with the rise of Verge (XVG), which went from under $0.01 to over $0.16 in a matter of days.

Yesterday he announced that he will now be talking about a ‘unique coin’ every day, and those who wish to change the world can support his recommendations.

Today, his first recommendation is out, and it’s the controversial Electroneum (ETN) coin.

Electroneum, dubbed ‘the first British cryptocurrency’, had its ICO in September/October and managed to raise $40 million. According to John McAfee, the factors in favor of Electroneum include its ability to be mined on smartphones and its approach towards simplifying crypto and becoming accessible to the masses.

McAfee also went on to cite the number of direct messages he receives, in support of Electroneum, and also shared how he believes the coin is cheap at $0.08 given its search popularity, strong community and privacy features.

Following his Tweet, Electroneum, which was trading at under $0.08, went over $0.12, recording a gain of 50%, before dumping shortly afterwards to around $0.095.

Interestingly, Electroneum’s previous all-time-high was around $0.135, which might explain the dump after the surge, as past holders may have tried to exit the trade at breakeven prices.

Moreover, Electroneum has had its share of criticism, particularly centered around the team’s alleged use of paid Facebook likes to get traction, a ‘fluffy whitepaper’, spammy advertising and its $40 million hard cap, which, according to most, is a very high number when compared to projects like Ethereum, which only raised half that amount.

There are a lot of critical comments on McAfee’s Tweet as well - partly because he was not able to tell people where to buy the coin. Electroneum is currently only listed on Cryptopia, but if it gains enough traction, we may see it becoming available on the more popular exchanges.

Now, everyone seems to be waiting on McAfee’s next recommendation. Whether or not Electroneum will manage to hold its value remains to be seen.