📈 What’s going on with EOS?

Looking at the potential price catalysts

EOS, the coin that is consistently drawing the most buzz in crypto circles, went on an absolute tear yesterday. As of this morning it was up over 32% (it’s done a ridiculous $2.725bn in 24hr trading volume 🤯) and had unseated Litecoin as the #5 cryptoasset by marketcap.

Source: OnChainFX

I’ve heard a number of theories about what is driving this recent price movement.

1. eosDAC, which is calling itself a “community-owned EOS Block Producer”, announced they are doing an Air Drop for EOS holders on April 15th.
2. AntPool, a mining pool run by Bitmain (the biggest Bitcoin mining company in the world), announced they are running for EOS Block Producer.
3. An EOS fair distribution fork called Evolution is launching that will attempt to solve what they believe are problems related to EOS parent company BlockOne.
4. Tax season is coming to an end, ending a period in which there may have been substantial downward pressure on cryptoasset prices.
5. Investors are getting out in front of the EOS main-net launch, which is set to happen on June 1st.
6. Time to put on your conspiracy hat 🤠 — some believe (I personally don’t) that the EOS treasury (which has already spent over 1M of the ETH it has raised from its crowd sale) could be purchasing EOS on the open market to drive up its price.

EOS is one of the most polarizing cryptoassets on the market today and they don’t even have a working product. They also have some real work to do to clean up their brand image, which I’ve talked about before:

With all of that said though, if their main-net launch gives the crypto ecosystem a legitimate scalable dapp platform, we should all start taking them much more seriously.

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