EOS is a blockchain platform for the development of decentralized applications (dapps), similar to Ethereum in function. It makes dapp development easy by providing an operating-system-like set of services and functions that dapps can make use of.
The EOS ICO finally finished on June 1st, when it launched its own mainnet after having migrated from Ethereum platform along with TRON. In a year or so of its opening, EOS has raised eth worth 2-3 million.
According to Santiment data, more than 1 million eth, worth around $600 million at the current price, has been spent in the past 30 days.
The EOS market price is now stable at $12.37. It is up a net 14 per cent in the past seven days. And literally trying to climb for the past hours. Now it had has been sliding slowly in the past month, both in dollars and against Bitcoin.
The demand for EOS in a market that is generally thinned out in volumes, takes trading to round 7.6 per cent of all deals. Meanwhile, Ethereum has regained its popularity with more than 12 per cent of trades.
Like many other coins, EOS markets itself as Ethereum’s biggest competitor, so the sale is almost certainly a deliberate attempt to hit Ethereum prices on the way out the door. The interesting part is that it looks like EOS is willing to take enormous losses, almost certainly in the millions of dollars range, to do so.
It’s also a good time for EOS to start cashing out its war chest and start buying up eth tokens. This might help stimulate the market, boost hype and shore up prices ahead of the mainnet launch.
Overall this might be seen as a sensible move on EOS’ part. It’s already a polarising project, so there’s no real cost to any bad PR the move might generate. Plus, deliberately moving the market is a common tactic in cryptocurrency and after its astoundingly large crowdsale EOS certainly has money to burn.
Also Read: Here’s How EOS May Kill Ethereum
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