EOS, the cryptocurrency token that is native to the EOS blockchain protocol, underperformed in 2021 after failing to hold on to the surge that followed parent company Block.one’s $10m funding round.
EOS continued on a stark downturn into 2022, reaching a three-year low of $0.82 on 18 June following multiple market-wide crashes. At the time of writing on 17 August 2022, the token has spiked and is trading at $1.55, but remains well below its launch price.
Is the coin poised for another bull run, or will it collect dust as the rest of the asset space matures? How high could EOS go? Does EOS crypto have a future? Read on for an EOS crypto price prediction.
What is EOS?
The EOS.IO blockchain is posited as a developer-friendly alternative to Ethereum (ETH), allowing the creation of decentralised apps (or dApps) using the native EOS crypto token. Popular dApps on the EOS.IO ecosystem include gaming, social media and DeFi platforms.
From the EOS whitepaper
The EOS.IO Technical whitepaper was published on Github on 16 March 2018, and covers certain requirements EOS aims to meet to encourage adoption, including the ability to support millions of users, free usage, easy upgrades and bug recovery, low latency, sequential performance and parallel performance.
EOS also aims to solve issues presented by “existing blockchain platforms burdened by large fees and limited computational capacity that prevent widespread blockchain adoption”.
The whitepaper states: “The EOS.IO software is designed from experience with proven concepts and best practices, and represents fundamental advancements in blockchain technology. The software is part of a holistic blueprint for a globally scalable blockchain society in which decentralised applications can be easily deployed and governed.”
EOS price history and EOS news
It has not been plain sailing for the EOS community. Initially touted as an “Ethereum killer” when it launched in 2017, EOS’s $4bn initial coin offering (ICO) made headlines by being the largest ever at that point.
Promising better energy efficiency, with an innovative consensus algorithm that rewarded good behaviour over competitive mining power, lofty EOS price predictions seemed to come to fruition when it surpassed the $20 mark in April 2018.
That figure proved unsustainable, however, and apart from its brief May run in 2021, EOS remained well under the $5 mark in 2021 and slid below the $1 mark in mid-June 2022. However, dedication from the grassroots EOS community has helped the coin to persevere in a long-running bear market.
In November 2021, EOS announced venture capital support from Helios – the venture fund of philanthropist and former child movie star Brock Pierce – by way of an EOS token transfer worth $200m. Pierce was a co-founder of Block.one and also co-founded the stablecoin Tether.
But controversy has dogged Block.one. Yves La Rose, community-elected leader of the EOS Network Foundation (ENF), successfully divested the token from its parent company. He explained: “If EOS is to clean up its image, breaking away from the shadow of Block.one is crucial.” Rose labelled EOS a “failure”.
Many EOS investors took the chance to exit after a strong rally on 8 December 2021, prompted by the news that the EOS community had voted to stop token vesting to Block.one.
La Rose added: “Through a super-majority consensus, the EOS network has taken its future in its own hands. This begins a new era for EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs.”
On 22 January 2022, EOS creator Dan Larimer returned to the EOS project after leaving Block.one last year. The network’s new patrons are hoping to spark an EOS renaissance, as Larimer’s Mandel upgrade and hard fork will give ENF control of the EOS codebase if validators adopt it later this year.
As the conflict between Block.one and Yves La Rose showed no signs of coming to a conclusion, one thing was certain – EOS was under new management.
There had been plenty of developments in the EOS ecosystem in the first quarter of 2022. Funding secured through Pomelo and recognition grants, and the publishing of the Wallet+ Blue Paper, provided encouraging news for EOS enthusiasts. And on 11 April 2022, a coalition of EOS.IO protocol-based blockchains (EOS, Telos, WAX and UX Networkdistinct) committed a combined $8m annual budget for core development 2022.
A recent report highlighted some of the developments made by the team, which include Pomelo Season 3. The report also includes updates to the Recover+ Blue Paper, designed to “foster the next era of DeFi on EOS with ever more security, safety, and reliability.”
EOS crypto price prediction: How high could EOS go and does EOS crypto have a future?
CoinPriceForecast’s EOS price prediction for 2022 suggests a bullish year-end value of $2.36. The site goes so far as to make an EOS price prediction for 2030 of $4.40 towards the end of the year.
The EOS price prediction for 2025 as estimated by DigitalCoinPrice stands at $2.98, following a general uptrend to $7.13 by 2030. In the shorter term, the site forecasts the coin could reach as high as $2.03 by the end of September, representing an upswing of over 30%.
However, at the time of writing, according to a composite of 26 indicators published by the site, six suggest selling for the moment, with 11 saying to hold while nine recommend buying.
WalletInvestor gives a more bearish long-term forecast, predicting a one-year price point of $0.51, and does not think the coin will make any substantial recovery thereafter.
Hope this article can provide you with a further understanding about EOS crypto price prediction.
