EOS, one of the world’s leading cryptocurrencies could be about to see some very positive changes after reports have surfaced regarding some recent mysterious behaviour from the EOS development team. The creators of EOS are alleged to have recently purchased $20M worth of RAM in EOS tokens.
Why would anyone need so much RAM? What sort of activities would require enough computing power to need $20M of RAM? Well, that’s what we should find out soon enough, we hope at least.
One theory is that this is a part of a new project by Block.one (the team behind EOS) to build their very own social network, indeed, a social network on the scale of the likes of Facebook and Twitter would need a lot of computing power, so, could this theory be accurate? One of the members of Block.one, Daniel Larimer has previously spent time working on Steemit, a blockchain powered social network, so indeed the expertise to build such a system is already within the EOS structure, plus we expect that Larimer has an awful lot of contacts in this field. We also can’t forget a tweet made by Larimer earlier this year that did suggest some sort of EOS social network could be built in the future:
“What if you could decentralize social media more than steemit? The future of social media is thousands of blockchains under independent governance coordinating with inter-chain communication behind a seamless user experience.”
Given the current speculation around Facebook and there questionable use of private user data, we imagine there’s a cohort of billions of users that would love to move over to a reliable, safer and decentralised social network, so, perhaps this is the market that EOS now want to target?
According to Crypto Briefing, there are a few other theories circulating too:
“There are other possibilities. According to EOSwriter, EOS Nation CEO Yves La Rose suggested that, apart from a potential social media platform (MEOS), the company may be planning an official wallet, a declaration that EOS is a utility token, or a token burn. The speculation of regulatory or government moves partly comes from a Telegram message on March 25, when Larimer revealed that EOS is known to Trump advisors and that Block.one has attracted interested in Washington.”
Whatever is happening here and whatever EOS needs $20M worth of RAM for is all to be revealed at an EOS event in Washington on the 1st of June 2019… so, as it stands we don’t have to wait too long to see what’s going to happen next.
EOS vs. Ethereum: Which One Should You Invest More?
There are several cryptocurrencies in the market, and each has a unique selling proposition which makes it stand out from the rest. Every platform wants to outperform the other in terms of what they have to offer, and the Ethereum and EOS platform are not different as the competition between them is very fierce.
Ethereum needs no introduction in the cryptocurrency community as it’s the closest rival to Bitcoin, and the platform was the first to offer smart contracts. Ethereum and its token have gained wide acceptance and has increased in popularity over the years due to this unique feature.
Thanks to this, Ethereum is regarded as the 2nd generation of Blockchain tech. EOS is relatively new to the market as it was launched some few years back, but to the surprise of many, the platform has also carved a niche for itself and is looking to usurp Ethereum in the near future.
What does the future hold for these two cryptocurrencies?
THINGS TO KNOW BEFORE YOU INVEST IN ETHEREUM OR EOS
One thing that’s certain in the crypto verse is that nobody knows what the future holds. But it’s possible to determine the possibility for a platform to grow.
In 2017, Ethereum was the only platform that offered smart contracts and several ICO’s launched their platforms on Ethereum’s Blockchain. The tokens created on this Ethereum’s blockchain are still functioning till date with a powerful community backing it.
This move went a long way to ensure price stability for Ethereum and some organizations like Uber and Airbnb have built some Dapps on Ethereum’s test net while others are planning to follow suit.
Some people believe the team behind the project have a huge announcement to make soon as they’ve earmarked a princely sum of $1 billion for marketing purposes only. Some believe they’re waiting to see a strong bullish trend in the crypto market before they make their announcement and to kick start the promotion of their network.
Currently, the price of Ethereum hovers within the region of $228 to 1 ETH while it’s competitor EOS is within the region of $4 USD to 1 ETH. Ethereum is currently the 2 cryptocurrency on the list of top 10 crypto’s according to market capitalization while EOS stands at the 5th position.
EOS has a huge task on its hands in their quest to beat Ethereum by offering better services that would lure developers to their platform. From the look of things, EOS might just pull this off as the technical specifications of EOS is quite better than what Ethereum offers but the adoption of the crypto is not as high as Ethereum.
For some, Ethereum is considered as the 2nd generation of Blockchain and it comes with an extra use case which is the smart contract. Ethereum successfully solved the scalability issues that plagued Bitcoin but surprisingly, technology is evolving at a rapid pace and EOS took advantage of that.
The EOS blockchain on the other hand is easier to own as a resource for prospective developers and project planners as they can predict what a project will cost which Ethereum does not offer.
After Bitcoin, Ethereum is the 2nd most trusted platform, while EOS is still new with a growing community backing it, they still have a lot to prove but from the little they’ve being able to achieve within such a short period of time, it seems they can dethrone Ethereum if they do not veer off course. So I’ll put my stake on EOS, because they’re on course to achieve something that’s not easy for newbies to achieve
PRICE PREDICTION OF ETHEREUM AND EOS
The growth of EOS this year has been impressive as it peaked at $8 rising from a shocking $2. From the look of things, it may get to double digits as the year progresses if the bullish trend in the crypto market continues, so EOS is likely to end on a high this year. On the other hand, Ethereum is not lagging far behind as it’s also riding the bullish wave that BTC is enjoying as it crossed the $300 threshold last month but has now dropped to $228 rising from $150 at the start of the year.
With this information in mind, the next question is where to buy these cryptos for prospective clients who may wish to hold or trade them. Coincola OTC Bitcoin trading platform is the perfect place for people who may want to start their foray into the crypto world. On Coincola, users can buy EOS, ETH, Bitcoin, and several other cryptos with several currencies like the US dollar, the British Pound, Euro, and several other supported currencies. That’s not all, they also support buying and exchanging of crypto with gift cards like iTunes gift cards, Amazon gift cards and lots more.
Their interface is easy to use and anyone can buy ETH or EOS and start trading in minutes. For those who wish to just hold their assets, they can rest assured that Coincola has world-class security that ensures hackers or anyone with malicious intent do not have access to their assets or data.
EOS Price Prediction Today: Daily (EOS) Value Forecast – July 17
- On the upside, if the $3.60 support level holds, the crypto’s price will rise and break above the EMAs.
- On the downside, if the bears break the $3.60 support level, the coin will further depreciate to a low at $3.0 price level.
EOS/USD Medium-term Trend: Bearish
- Resistance levels: $ 6.50, $7.00, $7.50.
- Support levels: $5.00, $4.50, $4.00.
Yesterday, July 16, the price of EOS was in a bearish trend. The EOS market fell to the previous low of March 8. Yesterday, the market fell to the low of $3.60 price level and the support level was holding. On the upside, if the $3.60 support level holds, the crypto’s price will rise and break above the EMAs.
On the downside, if the bears break the $3.60 support level, the coin will further depreciate to a low at $3.0 price level. Meanwhile, the price of the EOS market is in the oversold region of the daily stochastic but below 20% range. This indicates that price is in a bearish momentum and a sell signal.
EOS/USD Short-term Trend: Bearish
On the 1-hour chart, the price of EOS is in a bearish trend. The 12-day EMA and the 26-day EMA are sloping southwardly. On July 16, the bears broke the EMAs and price fell to a low at $3.60 price level./
EOS Price Prediction: Down 40% In 7 Days, Upsides Remain Capped
EOS price declined significantly after it failed to break the $6.200 resistance area. It traded as low as $3.302 and it is currently correcting higher towards the $3.850 and $4.000 resistance levels.
- EOS price declined heavily below the $5.560 and $5.200 support levels.
- A major bearish trend line is forming with resistance near $4.000 on the 2-hours chart.
- The price is likely to struggle near the $4.000 and $4.100 resistance levels in the near term.
EOS Price Analysis and Prediction
In the past few days, there were heavy losses in bitcoin, Ethereum, ripple and EOS against the US Dollar. EOS price started a significant decline after it broke the $5.800 and $5.560 support levels and is down more than 40% in the past seven days.
Click to Enlarge Chart
Looking at the 2-hours chart of EOS/USD, the pair even broke the $5.000 support level and settled below the 25 simple moving average (2-hours). The decline was such that the price even spiked below the $4.000 support level.
A new multi-month low was formed near $3.302 and the price recently started an upside correction. It broke the $3.500 level plus the 23.6% Fib retracement level of the last drop from the $4.413 high to $3.302 low.
However, there are many hurdles on the upside near the $3.850 and $3.900 levels. Moreover, there is a major bearish trend line is forming with resistance near $4.000 on the same chart.
Additionally, the 50% Fib retracement level of the last drop from the $4.413 high to $3.302 low is also near the $3.850 level to act as a resistance. The main resistance is near the $4.000 handle and the 25 simple moving average (2-hours).
Therefore, if there is an upside break above the $3.850 and $4.000 levels, there could be a decent rise in the coming sessions. The next key resistance could be near the $4.675 and the $4.800 levels.
On the other hand, if EOS price fails to surpass the $3.850 and $3.900 resistance levels, there could be another drop towards the $3.300 level. The price may even break the $3.300 low and test $3.000.