EOS 200% Price Pump Catches Traders Off Guard

EOS 200% Price Pump Catches Traders Off Guard

EOS was one of the few alt coins to pump this week on Monday when price took a turn to the upside raking in 180% in returns for anyone who had bought within the last seven days.

EOSwas one of the few alt coins to pump this week, doubling in dollar price terms over three days in spite of a mostly depressed altcoin market. New money added $ 250 million to its market cap trending up from $0.5 to $1.395 on Bitfinex. News of 3 exchanges listing EOS ERC-20 tokens on their platforms seem to bring in new volumes to support momentum.

Since its ICOkicked offin July, EOS has been on a slow decline from $6 to $0.47 over six months. All that changed on Monday when price took a turn to the upside raking in 180% in returns for anyone who had bought within the last seven days.

Few expected the market to turn this quick. With 456 million tokens still left for distribution at a rate of 2 million per until July 2018, some investors were holding out for lower prices. Soldiero55 onr/EOSsaid:

Damn…I was looking at making a huge play on EOS at around 0.50 and HODLing. If it ever goes back to that price its a steal, I can tell you.

Plenty of cries of a pump and dump followed on the projects community channels. However, looking at the charts, momentum was supported by tens times as much volumes as on typical days. An observer on Redditnoted:

The volume from the initial run-up perpetuated tons of FOMO buying. Note: regular volume for EOS is ~$8-$12m daily. 7 hours ago volume hit $25m. Right now, 24-hour volume is $75m. Nuts.

The steep rise only cooled off briefly yesterday by sharply selling off to find support at $0.91. It has since quickly bounced back up to $1.13 and seems to be making another attempt at breaking the peak price.

Triggers for the unexpected run included anannouncementby co-founder Brock Pierce about a billion dollar war chest backed by VCs tosupport dapp developmenton EOS. Soon after, 3 international exchanges hauled in a new set of buyers after listing EOS followed by arevelationby the development team they were four weeks ahead of schedule.

EOSis not due until mid next year when the main blockchain will be deployed.

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