IQ, the token of Everipedia, an alternative to Wikipedia, which was airdropped a few days ago to EOS owners, has been enjoying a solid price increase. IQ, which started trading on Hong Kong-based cryptocurrency exchange Bitfinex on Friday at $0.053, has gained more than 50% in value with most of the trading concentrated in EOS pairings.
IQ reached a peak of $0.075 early on Monday morning (UTC), though volumes were just around $770,000 in 24 hours, or less than 100,000 EOS. The IQ token price may remain volatile due to the low liquidity, as well as the large number of tokens not yet transferred to the exchange.
For now, IQ trading is only happening on Bitfinex, the exchange which was also behind the unrelenting rise of EOS prices. Early on Monday, Binance completed the IQ airdrop to those that held EOS in their exchange wallets, sending out 5.1 IQ per EOS, based on an earlier snapshot.
However, IQ will not trade on Binance, but will be available for withdrawal in about 24 hours. The IQ token is still early in the price discovery stage, yet to establish its volumes and presence. The price of IQ is heavily dependent on EOS, which is up 4.4% for the last 24 hours to $7.35. EOS, in its turn, is heavily supported by Tether (USDT) volumes on Bitfinex, with more than 43% of trades performed against the fixed-price token.
Airdrops may be the next big story for EOS, attracting users to hold onto the coin, and possibly showing that the EOS network is suitable for decentralized app (dApp) projects. A dedicated site, airdropsforeos.com, recently started tracking all the upcoming projects. For most token distributions, no registration is needed, but instead, they are based on snapshots of EOS holdings. This has garnered some criticism, since EOS is concentrated in a handful of big wallets, including Block.One, as well as block producers and other large entities. This would make them immediate holders and controllers of a large part of every project supply.
The EOS airdrops start resembling initial coin offerings (ICOs) on the Ethereum network, only without the large-scale fundraising. Each project will also need to buy RAM to run the dApp and even to send out the tokens.
In the meantime, EOS RAM prices have fallen by another 30% in the past few days, as some of the RAM is sold. The reserved RAM has fallen to 76% from 81% a few days ago, indicating increased selling. Prices have been lowered to 0.26 EOS per Kb.
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