Also-Ran EOS Token Now Hottest Cryptocurrency After Switch to Antelope
The token’s 28% price surge over the past seven days follows an announcement that Antelope will be used as the supporting protocol for EOSIO-based blockchains.
The digital token EOS, mostly a disappointment since its $4 billion initial coin offering in 2018 (EOS is down 37% since then), is getting a fresh jolt thanks to a technological shift announced last week.
The EOS price is up 28% over the past week, the biggest gainer among 49 digital assets tracked by Messari with a market capitalization of at least $1 billion. EOS continued its nearly week-long surge in Tuesday trading, recently rising about 7% to change hands at $1.79.
The token of the EOS Network Foundation (ENF) soared after ENF announced last week that Antelope will be used as the underlying protocol for EOSIO-based blockchains.
Antelope, a community-run blockchain protocol, will be supported by members of the ENF, which include EOS, Telos, Wax and UX Network.
The hard fork of the code of the EOSIO blockchain is slated for Sept. 21, which is when the official switch over to Antelope will take place, as CoinDesk reported, citing a company spokesperson.
ENF then started developing initiatives in late 2021 to explore coordinating EOSIO-based blockchains and to preserve and advance the codebase they share.
According to a weekly report from the data provider Kaiko, the EOS token surged on the initial news of the hard fork last week before returning to previous levels. It has risen over 40% in the last 30 days, although it remains well off its all-time high of over $14 a year ago.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.