A few weeks ago, John Oliver was making fun of cryptocurrencies on his HBO show. One of the projects he mentioned was EOS (EOS), which he termed as a project that was valued so highly, yet it didn’t even have anything going on. Well, I don’t know what he would say today; now that ONO, the world’s first and largest blockchain based social media, will be launching on the EOS network.
Considering how big this project is, you can expect the value of EOS to take a new and sustained upside momentum in the near future. Just to give you context, EOS has grown significantly up to this point, yet it didn’t have a working product. You can only guess how much more it will grow once such powerful Dapps start running on its smart contracts ecosystem.
But it’s not just ONO that will anchor the future growth of EOS (EOS), there is also the fact that it is designed to be highly scalable. If you are into blockchain news, then you know that the biggest problem that has faced many smart contract platforms like Ethereum is that of scalability. Once more Dapps start launching on EOS, based on its ability to scale well, you can expect its value to push up significantly in the future.
However, what makes me highly bullish on EOS is its price behavior in the last five days. In that period, we have seen the price of all major cryptos, including bitcoin and Ethereum drop exponentially. Ethereum is now trading at under $500, and it seems to be going lower by the day. In that period, the value of EOS has remained steady, sometimes making gains of up to 10%.
That’s despite the fact that no major news have come out in the same period. As of today when we have seen all major cryptos have broken key support levels, EOS (EOS) remains steady at around $5-$6. That’s an indication that investors have confidence in this crypto in spite of it not having as many working projects like NEO, and Ethereum do. It’s an indicator that investors understand that the key fundamentals of the EOS platform are solid, and will give it a competitive edge in the market going into the future.
Personally, I believe the future of EOS (EOS) is anchored on the fact that it is not reliant on miners. The value of this coin is directly linked to the number of people using it. This makes it quite practical for use as a currency, in a market where many cryptos are struggling to develop the characteristics of a usable currency.
In essence, EOS, Ripple and a few others hold the key to the future of cryptos as currencies. This makes its potential for future growth quite high. Once the bull reversal happens in the entire market, I believe EOS could easily see a valuation of $30 and above within 2018. That’s why I am holding strongly to my EOS (EOS). Anyone who understands the potential of this project should probably do the same!