EOS Moves Ethereum Holdings, Frightens Investors

The asset will be delisted from Livecoin soon, ahead of the token swap in June.

The EOS digital asset is, once again, an exciting proposition that also invites criticism. EOS hovers around $5.89, within its usual range, growing by about 5% overnight. The EOS project, however, came under fire for allegedly selling its Ethereum proceeds on the open market, depreciating the ETH price.

Recently, the EOS crowdsale wallet was left almost empty, but it turned out the project just moved most of the funds to another wallet. Currently, the ETH market price remains low, at $396.60.

Meanwhile, the daily auctions keep raising between 28,000 and 31,000 ETH tokens, while the EOS price fluctuates between $5.70 and $6, generally similar to the market price. There are only 53 daily auctions left before EOS moves on to the next stage. Thus, in the coming two months, the price of EOS may continue to be affected by the daily sale price.

At the moment, owners of EOS tokens are already urged to prepare for the mainnet launch, by registering their ERC-20 tokens on the EOS website. At the moment, EOS only exists on the Ethereum network, but the snapshot for token owners is expected on June 1. At this point, it is unknown how the event would affect the price.

Another deadline looming for EOS is a delisting from Livecoin, just a week ahead of the snapshot, on May 23. Balances left on the exchange are not recoverable after that date. The reason for the delisting is possibly the extremely low volumes on the exchange. EOS trades on many niche exchanges and markets, but trading remains spread around the top Asian exchanges, and most prominently, Binance and Bithumb, each with more than 15% share of trading.

Additionally, EOS is organizing a global hackathon starting in June, with a grand finale and a $150,000 prize in December. However, the project will have to prove itself with a stable mainnet, as its popularity now mostly hinges on speculative trading, and a history of rapid price appreciation from $0.50 to as high as $20.