EOS Price Slide Continues; 25% Weekly Loss; Blockchain Transactions Hit New Record

EOS (EOS) fell a further 25% in the last week en route to today’s coin price in the $2.50 range – a new yearly low for the coin, and a valuation not witnessed since November 2017.

Despite hitting a new thirteen-month low, EOS blockchain transactions soared to new heights on Monday, reaching 47,582,321 transactions over twenty-four hours. That’s a new record in the blockchain space, and equals around 550 transactions per second.

EOS Price – EOS/USD

From the weekly high of $3.37, EOS has fallen steadily, day-on-day, towards 25% losses and a coin price of $2.54. That’s another new low for ‘Ethereum On Steroids’ as EOS is jokingly known, and investors are now seeing their gains corrected following the coin’s ICO peak in Q2 this year.

EOS trade volume is down 20% since the start of the week, falling from $1 billion to $800,000. BTC and USDT trades have been the most common, with neither dominating the action for themselves.

Why Now?

What the crypto market giveth, the crypto market taketh away, and EOS was given a lot back in April. This correction is indicative of the fact that the $4 billion ICO may not have been worth as much as it seemed at the time.

EOS grew 400% back in April, rising from $4 to $20. That was on a different pace to the rest of the market, most of which doubled in price during the April surge. If it wasn’t for the EOS year-long ICO, the coin price would have been at $8 in April, and the 88% losses incurred since then would have placed the coin on a valuation of $0.89, all other things being equal.

As covered by Hacked last week, the EOS price may also have been rocked by CTO Dan Larimer’s decision to turn his attention to a new blockchain project – a move which has been greeted with skepticism thus far.

EOS Transactions Post New Record

According to the latest data from Blocktivity, EOS blockchain transactions just soared to new record highs. The coin’s +47 million transactions recorded on Monday is not just a new record for EOS, but for the blockchain space in general.

Those transactions represent close to 80% of the market-wide total, with only WAX coming anywhere near with its +5 million transactions across the day.

In terms of transactions per second, EOS averaged 550 tps at its busiest points today – a number far greater than Bitcoin and Ethereum are capable of at the moment, but not as high as many blockchain stress-tests have produced.

Former Dan Larimer projects, Bitshares (BTS) and Steem (STEEM) also saw their transactions surge on the same day. No logical explanation for the surge has presented itself as of yet.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.