The price of EOS (EOS) has surged by over 30% in the past few days coinciding with a rally in the rest of the digital currencies. This has resulted in the market capitalization of the virtual currency rising to over $6 billion. EOS is a digital currency for a platform which is expected to go lives this summer known as eos.ios. The digital currency EOS is linked to Michael Novogratz, a former hedge-fund manager.
According to proponents of the virtual currency the platform is expected to better compared to Ethereum (ETH) in a variety of ways. It is thus expected to ensure a higher level of adoption with regards to technology related to blockchain and cryptocurrencies.
Rise in trading volume
The trading volume of the digital coin has also increased significantly helping EOS join the top four list behind Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). EOS’ trading volume has been concentrated in Asia with South Korea comprising about 42.5% of the global trading volumes of the token.
Following the rally EOS has surpassed Litecoin (LTC) with regards to market capitalization. Currently the market capitalization of EOS is close $7.1 billion.
Making its way to the top?
The rise of EOS is a trend that has been apparent in the last couple of months. Until late January this year EOS did not feature among the top ten virtual currencies in the world. In February EOS moved one position up and now it is in 5th position.
It appears that the rally that EOS is currently enjoying is related to eosDAC airdrop. A blockchain snapshot of the airdrop is slated for April 15. The date also coincides with the 300th day since the Initial Coin Offering of EOS. The airdrop will see all wallets of Ethereum that have a minimum of 100 EOS tokens will get an equivalent quantity of eosDAC tokens. Ultimately these tokens will be transferred to the mainnet of EOS the moment it is unveiled later in the year.
For those users whose number of EOS tokens is fewer than 100, they will not miss out on airdropped eosDAC tokens too. However they will have to get them manually. The surge in price of EOS ahead of an airdrop is not an anomaly as virtual currencies usually portray this sort of behavior in similar circumstances. But once the airdrop balances have been locked by the blockchain snapshot the price tends to fall.