The price of EOS is experiencing a sharp upward trend in the last few days.
In fact, the rise has been so substantial that the market cap for EOS is now the fifth highest in the world.
A run up like this happens before a scheduled noteworthy airdrop. Holders of EOS tokens are in line to receive a free bonus drop of eosDAC. The new tokens will appear in people’s wallets automatically, so there’s nothing further anyone has to do to gain their tokens. As long as you hold 100 tokens in an Ethereum wallet that you keep the private key for at the precise time of the AirDrop, you’ll get a 1 for one addition of eosDAC.
What Do You Need To Know About eosDAC
You may be wondering about the AirDrop token, eosDAC. That project is run by a 12 member team which is looking to install and expand EOS.io block production infrastructure.
Many investors will buy in before the date to receive the tokens and then will dump EOS shortly after collecting their coins. However, EOS has enough merit that the fall should be beneficial to anyone holding the asset.
Whenever a sharp price increase happens for an altcoin, people wonder if it’s merely the result of a pump and dump. That’s always a possibility, but the EOS project could also be attracting plenty of “smart money” investments as they continue to plod their way through their roadmap.
Some Suspect Accumulation by Antpool
Several Redditors are surmising that the price increase is due to accumulation by Antpool. According to this theory, Antpool’s operators want to become Block Producers for EOS and are accumulating enough holdings to accomplish this task. EOS Block production is a whole different ballgame than what that of most Proof of Stake coins. A small group of trusted entities will handle the block production, meaning they’ll need adequate infrastructure to handle global transaction volume. That means a dedicated team and enterprise data management are all building blocks which entities like eosDAC will handle.
Mooning Is Always Possible
It’s fun to speculate why a particular coin rises so rapidly, but there’s no reason to overlook the possibility that EOS is rapidly increasing because of the merits of the project. Investors are always looking for the next big thing in crypto, and EOS has many of the earmarks. The project is taking a different approach to problem-solving that could appeal to a vast segment of people who are not even currently involved in altcoins.
It’s fantastic to see an alt stand up to the FUD surrounding Bitcoin. The market is always suffering from a battle between bulls and bears, but it only takes the bulls being right once in awhile about a coin project to earn exceptional returns.
It’s easy to think this most recent move is a real, long-term development is because the new highs are coming on the heels of enormous volume. $2.4 billion worth of EOS has been changing hands in the past 24 hours. That’s an indicator that big dollar investors are lining up ahead of a massive move. Whether it is short lived “pop” due to Antpool, eosDAC, or because of the project entering a new phase of its development remain to be seen.
It’s time to closely monitor all EOS developments to find suitable entries, especially for long-term holders. Traders are already getting excellent returns, and it’s possible that HODLers may be feasting soon as well.