Why is EOS crypto soaring today?

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Highlights:

  • EOS price was up over 18 per cent on Wednesday morning.
  • Its volume for the last 24 hours rocketed more than 383 per cent.
  • An upcoming upgrade of the EOS Network is expected to take place on September 21.

The EOS (EOS) crypto seemed to be gaining traction on Wednesday, August 17, as seen by the jump in its price. At the time of drafting, the price of EOS crypto had climbed more than 18 per cent, while its 24-hour volume skyrocketed over 383 per cent.

Now, what could be the reason that may have triggered the recent rally of the token? Before exploring the recent developments, let's look at the EOS crypto features with Kalkine Media®.

What is EOS crypto?

It is an open source blockchain platform that prioritizes high performance, flexibility, and a secure developer experience. It claims to be among the market's top scalable, divisible, and programmable digital currencies. It is a DPoS or delegated Proof of Stake network, allowing token holders to select node operators.

The block miners don't have much power or authority in their hands as the decentralized nature of the token distribution on EOS gives power generally to all the parties involved in the network.

The project seems to be popular among crypto market enthusiasts due to its innovative technology and community-focused operations. EOS focuses on allowing the developers to build projects that it claims other blockchains could not support.

The EOS token is available on major exchanges like Binance, Coinbase, Kraken, etc.

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Data Source: CoinMarketCap.com

Why is EOS crypto rising?

Some analysts believe that the opening for registrations for the project's upcoming Yield + incentive program by the EOS Network Foundation (ENF) could have helped in the recent gains.

The incentive program is expected to attract DeFi apps. In addition, this feature is also expected to help EOS compete with other top blockchain rivals in the decentralized finance space.

According to the announcement, registration would open on August 14, and rewards for the total value locked (TVL) would begin on August 28.

Another reason could be the optimism about the network's upcoming upgrade expected to happen in September. This news may have also helped gains in the EOS token.

EOS Network Foundation CEO Yves La Rose said that EOS’ hard fork will be upgraded on September 21. The upgrade would "sever all ties" from Block One, which is the firm that was originally behind the project.

Bottom line:

The EOS token was priced at US$ 1.52 at 9:08 am ET on August 17, up 18.45 per cent. Its one-day volume soared over 383.77 per cent to US$ 1.05 billion. The project's market cap is US$ 1.51 billion.

The token's total and current circulating supply are 1.06 billion and 997.33 million, respectively.

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