EOS has been on a downfall since the founder declared of launching another blockchain project just a few months after the EOS project was launched. EOS had received over $4 billion in its initial coin offering and is currently ranked #6 by market capitalization with around $30 billion market cap according to CoinMarketCap.
As the price started to crash, Dan Larimer soon announced that he is not leaving the EOSIO or B1 and that he still believes that EOSIO is the future of blockchain and the team is working to make it faster, more secure, more scalable and more flexible. Dan Larimer also mentioned about EOSIO in a blog post recently claiming that EOSIO is a foundational platform for his future endeavors despite that fact that he is being criticized for being a part of several other blockchain projects.
Despite the announcements by Dan Larimer, the price of EOS is still quite bearish with over 12% fall in just the last 24 hours. EOS is currently being traded at $2.5 (at the time of publishing) according to CoinGecko charts and analysts predict a further downfall in price in the upcoming days. EOS holders were quite happy last month as the price of EOS did not drop during the bitcoin cash hard fork while all other major altcoins crashed massively. But soon after hearing about Larimer’s plan to work on a new project, the market started a downfall even faster than the other prominent coins in the market.
Despite the price crash of EOS, the EOS blockchain network has been making records by the number of transaction up to 45 million in 24 hours but no one knows about the source of these transactions.
EOS has been praised for its potential of free transactions which still gives a hope to EOS project as a whole to survive in the long term despite that price fall. However, according to analysts EOS chart declares that the price can even fall to as low as $0.5 per coin in the upcoming months.
This article is not a financial advise. You should do your own research and due diligence before investing or trading in any digital assets.