EOS (EOS) Price Dips Further; Perfect Buying Opportunity?
With only about seven days left before the scheduled EOS MainNet launch, and the bears are still pulling down the price of EOS, leaving the question, is now the best time, or not to buy and hold EOS tokens?
Firstly, the downtrend is universal, with more than 80% of cryptos down in the red today, so EOS can’t be blamed for dipping at this time.
Towards the end of April, EOS coin was on a steady rise, hitting its all-time high of $21.64 USD on April 30. On entering into May, the bulls have struck relentlessly, pulling the price of EOS downwards with every passing day. The value of EOS tokens has dipped by nearly 50% in this month.
As of this writing, EOS is trading at $10.53 USD, following a 24-hour price drop of 8.3%. EOS still remains the 5th largest cryptocurrency by market capitalization with an estimated $9.23 billion USD, but the digital asset has shed almost $10 billion USD in May as the bears continue to rage on.
EOS MainNet (EOSIO) To Reshape EOS
For those of you confused about Block.one and EOS MainNet (EOSIO), Block.one is a software company building the open-source, free, and decentralized platform that would enable users to leverage the EOSIO platform to create, customize and launch their own blockchain, Block.one is not the MainNet.
EOSIO (MainNet) after its launch would be implementing the Delegated Proof of Stage (DPoS) consensus algorithm. On the MainNet, entrepreneurs, developers and the entire EOS community interested in building their own blockchain would be allowed to use the EOS repository, customize it for their use.
The reception of the EOSIO and Block.one project has so far been positive, as the blockchain world anticipates the EOS MainNet launch on June 1. The possibilities that lie in the future platform of EOS will ensure the long-term growth of EOS tokens. Following the MainNet launch, there would be a token swap.
Hurry Up and Register Your EOS Addresses: Earlier is Better
With EOS’s transition from the current Ethereum based blockchain to the EOS.IO MainNet, community members have been advised to register their addresses ahead of the swap. Holders with registered addresses will be issues the new tokens on the MainNet in a 1:1 ratio, using the amount of ERC20 tokens they hold now.
The current ERC20 tokens of EOS would become fixed or frozen and become non-transferable on the Ethereum blockchain (its current blockchain) 23 hours after the final period; 23:00 on June 1. To prevent your EOS tokens from becoming worthless after the MainNet launch, proceed now to register your EOS address.
Is EOS (EOS) Worth Keeping?
The bearish trend has plagued the entire crypto market and not just EOS. In the past, EOS has shown the ability to thrive under a favorable market, as seen when the price of the tokens doubled in December and March in just days. The EOS MainNet launch is just days away, and would definitely have a positive impact on EOS in the future.
This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your own research and/or consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.