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The EOS bounty rallied 16 percent on Saturday following the release of the blockchain fling’s open-source mainnet software, but there’s more to this pump than opening meets the eye.
EOS Price Makes Market-Leading 16 Percent Rally
Today’s EOS outlay surge came as part of a wider market rally, but the token at all events managed to outpace every other cryptocurrency ranked in the top 100.
EOS spent most of the day profession just over the $12.00 mark but began to surge at approximately 6:15 UTC on Saturday morning. Within hours, the EOS figure had peaked above $14.40 on Bitfinex, though it has since declined to a donation value of $14.07.
EOS now has a market cap of about $12.5 billion, ranking it fifth on the customer base cap charts and $5.2 billion behind fourth-ranked bitcoin cash.
EOS Premium Chart | Source: TradingView
Somewhat remarkably, EOS is actually priced at a take on South Korean exchanges, which as a general rule force local investors to pay a goad. Volume is very well distributed, with no single trading team accounting for more than 13 percent of the token’s global sum total or trading venue accounting for more than 20 percent.
Creator: CoinMarketCap
Block.one Releases Mainnet Software, Tokens Locked on Interchanges
The clear impetus for the rally was the formal release of EOSIO 1.0, which progress company Block.one shipped this morning at the conclusion of its yearlong $4 billion initial create offering (ICO).
Until now, EOS tokens have been structured as ERC-20 marks and have run on the Ethereum network, meaning that users must carry their tokens to the coin’s independent blockchain. During this complex process, token balances held in ERC-20 wallets have been barred, and exchanges have frozen deposits and withdrawals. However, exchanges endure to allow users to trade the limited supply of EOS tokens currently persevered on their platforms, creating an environment that is not entirely comparable to other business pairs.
For example, an early EOS investor who would ordinarily consider market tokens at $14.00 may not be able to do so since they cannot currently leave EOS on an exchange. In essence, the reduced EOS supply will translate into distended price volatility until the nascent EOS mainnet achieves stability.
Manifestly, Block.one has said that it will not launch an EOS mainnet, nor will it give ones word to continuing to develop the software beyond the current release. Consequently, it is look for that there will be several networks claiming to be the “EOS mainnet,” and it could be some prematurely before a clear winner emerges.
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