EOS dumped as Block Producer attempts to bribe voters

  • EOS moves fast towards critical $2.00.
  • The community is angered by Starteos offer.

EOS is on a death spiral, losing nearly 6% in recent 24 hours. The 6th largest coin by market capitalization is moving rapidly towards critical $2.00 amid global bearish sentiments and fundamental internal issues.

The coin is undermined by sings of network centralization and rumors of possible manipulations. The news that EOS founder and Block One's CTO Dan Larimer is launching a new cryptocurrency project triggered speculations that he is leaving EOS and increase the pressure. Mr. Larimer reassured the community that was not abandoning EOS, but the harm was already done. 

Moreover, this week Starteos, one of EOS Block Producers (BP) angered the community again, by offering token holders remuneration for their votes. 

The company said that users would get stable EOS revenue after delegating   Starteos.io as a proxy. 

“The ‘winter’ of cryptocurrencies has come. How much faith do you left to have? Now, Starteos is still gonna stay with YOU, our most important and best friends! And we gonna share the proceeds with you and make [it] through the difficulties together,” they wrote in a blog post, providing instructions on how to claim the benefits.

EOS/USD is now changing hands at $2.22, off the Asian low touched at $2.11. The recovery is capped by SMA50 (1-hour) currently at $2.43. Once it is cleared, the upside may be extended towards $2.60 (SMA100) and $2.8 (SMA200) with the ultimate short-term resistance at $3.0.

On the downside, a sustainable move below $2.00 will expose 1.9, which is the lowest level since December 2017.

EOS/USD, 1-hour chart

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.