16 Oct Metal $MTL (2017 – now)
In our first Premium Report, we discussed the three top promising cryptocurrency payment platforms: Metal, Monaco, and TenX. It has now been a year since, and about optimal time we reflect back on our expectations from the past and update ourselves on the projects’ progress. The first project we’re going to be looking at this month will be Metal Pay.
At the time of our analysis in October 2017, we had researched Metal and concluded that a positive consumer sentiment ranking was appropriate, and likely, to catapult Metal into the higher ranks of the cryptocurrency markets. Ultimately, consumer confidence did a complete one-eighty due to unfulfilled promises on self-perpetuated rumors.
From a fundamental analysis perspective, Metal had a business plan that appeared really attractive on paper for consumer adoption and clear use-case for cryptocurrencies overall. Rumors involving Alphabit had already spread, and we had mentioned it as a primary factor in the token’s slump in performance but disregarded it due to it being regarded hearsay at the time. However, this was re-confirmed directly by the team at CryptoSyndicate in an update in January 2018, where it was established both G2 and Alphabit were responsible for introducing large quantities of MTL token supply directly into exchanges, reducing the overall market cap and devaluing all the other token holders’ portfolio values in the process.
In the same timeframe, Bittrex also delisted MTL from its exchange, dealing another blow to the weakening project. Despite earlier reassurances, the token was not relisted until just recently, some 9 months later on October 11, 2018. The exchange originally delisted the token due to potential regulatory implications. However, due to its change of status from a security to a utility token, the token should now be acceptable with the SEC and is hence allowed to be relisted on Bittrex..
The massive sell-off happened in November, and by the time of the delisting in January, MTL had already lost 75% of its market evaluation, falling from a price of 160k sats to a support of 40k sats where it stayed until May. Since then, the token has retraced heavily and steadily to its current price of 10k sats. Even as we reconsidered our analysis to reflect the G2/Alphabit factors, our predictions did not prove to be as dramatic as reality can be, and we failed to anticipate such a downtrend that Metal has experienced. We projected the range of MTL to be in the mid-to-low 300k sats range for optimal entries, with 550-710k being the peaks, but the project never recovered to such ranges. The failed hype the team garnered has imploded more drastically than anticipated.
The failure to retain market interests were likely due to expectations that were never realized, in a combination of investor exits. An example of such was the Virgin island rumor, which stemmed from an image featuring both the CEO of Metal and Sir Richard Branson. Anticipations of a partnership between Virgin Cruises and Metal had begun to garner steam, but nothing ever arise out of it.
The controversies surrounding the investor exits and disappointing price action also prompted heavy edits to the team’s whitepaper. At the time of the original report, the Metal whitepaper included methods such as a partnership with an OTC derivatives dealer to mitigate counterparty risks. However, due to the team’s inability to manage the token’s volatility, parts pertaining to these efforts has now been redacted in the updated whitepaper.
The best word to describe Metal’s traction and reception among investors right now is dismal.
Overall social frequency, social depth, conversation, language, third-party press coverage, reception to product releases (rather, release in this case), overall product adoption, availability, and general trust are all far-below average, registering a total of 6 of 100 possible action points tracked in our Sentiment Analysis predictive analytics.
Market price, at the time of the report, was ranging in the 200-240k satoshis range; now, Metal trades between 10,000-11,000 sats. 2018 market capitulation aside, this 97-98% fall from it’s height in October 2017 wasn’t recovered through the bull run in December 2017, and has been on a slow, steady bleeding out phase for nearly 12 solid months.
The recent listing (relisting) of Metal into Bittrex had no effect on the recovery of the value of $MTL, the mobile app being released for download, same story.
MetalPay ($MTL), Synthetic Value Score is a brutal -91, Social Frequency is literally 0, Social Relevancy scored a 0, Partnerships and deliverables a 3 of 10, and overall reach, based on social media following versus engagements is 0.
The general future of Metal looks stagnant, flat, disinteresting, and generally apathetic.
Check back next week for the second project in the Report! The original premium report will be release for free, but at the end of the month with the last project for reference. This is to respect everyone who has supported us in purchasing this report. Thank you.