EOS Stages Impressive Recovery as Users, Addresses Grow

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During the latest sell-off, EOS triggered deep pessimism, but the asset also showed it was capable of a strong recovery.

EOS managed a dramatic recovery in the past day as markets went into positive territory. The coin, which had prompted shorting and predictions of dropping to $0.50, rallied strongly instead, gaining nearly 30% in one day.

EOS reached $2.52 as of 6:00 UTC, climbing to number four by market capitalization after growing by 29.21% in the past 24 hours. Its trading volume in that period reached $1.18 billion, with more than 44% attributable to the pair with Tether (USDT). After the last sell-off, funds were once again parked in the USDT stablecoin, and buying has resumed with the latest rally.

Additionally, the network and user base seem to be outpacing other platforms, at least based on reported growth. EOS transactions remain above 23 million in 24 hours, the all-time high being 48.5 million, as per Blocktivity data.

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Active addresses are also increasing. With EOS, inactive ones have a three-year expiration date.

The re-awakening of EOS arrived after Dan Larimer gave indications he was firmly behind the project and not abandoning the network for his next startup. The EOS distributed app marketplace remains the chief source of transactions and revenues. The network still aims to outrun Ethereum, chiefly on no-fee structure and transaction speed.

https://twitter.com/c4chaos/status/1074875091798949890

However, there are still warnings about inefficiencies. Recent research by blogger altShiftDev shows that EOS block producers may be sitting idle. Additionally, breakeven EOS prices for block producers may be above $4.

Recently, Larimer also suggested the current structure of 21 block producers may require more rotation to avoid creating an oligopoly by allowing additional participants to take over block production.

EOS remains supported by betting dApps, as well as decentralized exchanges. However, the separate games and dApps still host only a few thousand users, and usage sometimes falls abruptly, as in the case of EOSBet losing 77% of its volumes in a day.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.


Source:  CRYPTOVEST