EOS price weekly analysis 8 June: mainnet delay over bugs give the market pause
The EOS mainnet delay has made the market nervous following a year-long ICO.
- EOS price jumped in anticipation of the mainnet launch.
- Mainnet launch postponed because of a number of software issues with the new platform.
- The longer the delays, the more pessimistic the market is becoming.
EOS has a winning week with a quiet day. Despite holding steady today, losing just 0.14% over the last 24 hours, it has gained almost 14% over the week. But a closer look at that growth shows that most of the upward movement happened in a relatively short period of intense trading that saw 24-hour volumes jump from about $1 billion to over $3 billion.
Almost all that activity and the commensurate price jump happened over the weekend – seemingly as a result of EOS' mainnet scheduled launch. But that launch was stymied and traders have kept their powder dry, waiting for an official annoucenment about when the launch will take place.
The mainnet launch was EOS launching its own blockchain. For the last year, EOS has been running its own ICO, raising funds so it can develop their own platform and launch as a cryptocurrency in its own right. That was meant to happen over the weekend but was postponed because of some critical software bugs that were discovered.
It seems that the big winner when it comes to EOS wasn't a trader but ethical hacker Guido Vranken. The delay to EOS' mainnet launch was due to a number of software bugs being found. After the initial issues were found, causing the delay to the weekend launch, a bug bounty program was launched. This is where security researchers are rewarded for finding software bugs.
Vranken cleaned up big time. He found a dozen bugs netting himself a cool $120,000.
While all that is very interesting, it has lead to a very quiet week.
FXStreet is saying EOS investors are gripped with fear as a result of the issues that have been found. Given the strength of any cryptocurrency is highly dependent on the market's perception of the strength of the platform, it's not surprising to see traders holding off until there's more information.
NewsBTC is saying this is leading to pessimism in EOS prices saying the price is likely to take a hit.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.