In the middle of the red bloody sea of declining Bitcoin, Ether, and other altcoins, the EOS token is waving a huge green flag. EOS has been on the market for a long time, but not much has been heard about the platform lately. But after such a bright performance in the background of the decline in the crypto market, EOS is being talked about again. Where did the price increase come from, and how long will it last?
The sudden appearance
In February, the price of EOS tokens began to rise significantly. Within 2 weeks, the tokens became 20.7% more expensive, and on March 3,the value jumped 8% to $1.27. In general, this is not a super result, but due to a total decline in the market and quite a long silence of news about the EOS platform itself, it catches attention.
What’s happening to #EOS? There is news about Silvergate Bank, and EOS developer @B1 has become the largest shareholder of the bank. Silvergate recently suffered the biggest decline in Silvergate stock. But #EOS is rising high. what’s going on? pic.twitter.com/xSdiizeEv9
— Maxter (@Maxter__) March 3, 2023
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The current price is 94% below the all-time high of $22.89 recorded on April 29, 2018.
The trading volume in 24 hours was $429,836,072 (+124%). There are 1.10 billion EOS in circulation (the maximum is unknown). The market capitalization of EOS is $1.36 billion (+4%).
The busiest trade is on Binance with the trading pair EOS/USDT, which accounts for 13.86% of the total trading volume for the day. In second place is the South Korean crypto exchange Upbit with the trading pair EOS/KRW (South Korean Won), which accounts for 9.46% of trading. Traditionally, cryptocurrency is more expensive on South Korean exchanges. Therefore, traders often use the opportunity to sell more expensive assets bought on other exchanges for a lower price.
The same situation is observed in Turkish exchanges (Binance TR, BtcTurk Pro), where cryptocurrency is more expensive.
Why did EOS suddenly rise?
- EOS Network Foundation wants to bring the platform back to the Web3 leaders. The EOS Network Foundation is a non-profit organization that coordinates financial and non-financial support to encourage the growth and development of the EOS Network. ENF was formed in mid-2021. At the beginning of 2022, the core ENF team consisted of only three people. In 2023, however, it already includes more than 40 people. ENF now intends to put EOS back on the map as a leader in the Web3 ecosystem. Yves La Rose, the Executive Director and Founder of the ENF, stated this in his introduction to the Q4 2022 report.
- The report was published on February 1 and contains a lot of data about the organization’s success in Q4 2022.
- Among them is Tether (USDT) integration for deposits and withdrawals for the EOS Network on Binance. Also, ENF brought on 14 new hires across multiple departments. In October, the ENF signed a memorandum of understanding (MoU) with the Busan Metropolitan City government.
- This monumental agreement was signed in partnership with AlphaNonce, CoinNess, Foresight Ventures, OKX Blockdream Ventures, and Ragnar Capital
- Management to establish the Venture Capital Alliance of Busan Blockchain (VCABB), which collectively holds $700m in assets under management. Under this agreement, the VCABB will actively contribute to the development of the blockchain ecosystem in South Korea’s second-largest city by investing $100 million into blockchain-related companies over the next 3 years.
- On November 9, ENF announced that it had initiated a $100 million ecosystem fund proposal managed by EOS Network Ventures. On November 12, 2022, EOS BP reached a consensus to issue ~68 million tokens, effectively replacing the ~68 million that had previously been withdrawn in late 2019 and early 2020. A number of partnerships were also formed.
- EOS EVM is scheduled to launch on the main EOS network on April 14. The combination of EOS performance with the familiarity of Ethereum and 800+ swaps per second will make EOS EVM will be faster than Solana, BNB, and Avalanche.
On April 14th, #EOS EVM will launch!
Combining the performance of EOS with the familiarity of Ethereum, Solidity developers are in for a treat.
— Yves La Rose (@BigBeardSamurai) March 1, 2023
Judging by the number of important announcements and the efforts of ENF, the team members do have big plans to bring EOS back to its former glory.
What is EOS?
EOS is a blockchain-based platform that allows the development, hosting, and running of decentralized business applications (DApps) and a native token of the same name.
The main use of EOS is in the DPoS (delegated proof of stake) mechanism, through which the network is able to process about 1 million transactions per second and participate in network management. EOS can also be used as a tool for speculative investments and as a means of payment thanks to instant contactless transactions.
The EOS project first appeared in 2018. However, it did not achieve much popularity. Among dApp platforms, the most popular ones remain Ethereum, Polygon, Arbitrum, Aptos, and others.
EOS was in the top 5 just a couple of years ago (data for 2021).
- Price $0.594
- Market Cap