The EOS token is now more alive than ever on cryptocurrency exchanges even though its blockchain network isn’t live yet. Tether (USDT) might support the coin, which will lead to stronger gains that will eclipse the one seen a few days ago after the MainNet launch.
The trading volumes of USDT have gone up by more than 17% of all the trades of other cryptocurrencies, making it the second largest traded cryptocurrency after Bitcoin. USDT is also available in several exchanges, with Binance the leading market for USDT wallets.
The EOS market price is now getting a direct boost, with the EOS/USDT pair now the second most traded pair in the Tether ecosystems, with the BTC/USDT pair the only one ahead of EOS. Data has shown that around 20% of Tethers are being traded into EOS.
The price of EOS has gone up by 13.4% over the past week and currently trades around the $14 mark. Its move has placed it as the fifth largest cryptocurrency in terms of the market cap after surpassing Litecoin. EOS, however, continues to suffer from lack of exposure to direct fiat funds, with the token relying on pairing against other cryptocurrencies like BTC, and ETH.
The price movement of EOS was due to the high expectations ahead of the launch of the EOSIO 1.0 network which would soon be live. The delay is taking longer than expected, with bugs still being found on the network.
In the meantime, the EOS Classic project has been launched. It is a MainNet that is supported by Ethereum-like mining while it takes some features from the EOS network.
— EOS Classic (@eosclassicio) June 2, 2018
The block explorer, which was recently released, indicated a tiny mining activity of just 62 MH/s for traders and investors who have assets on the EOS, Classic chain wouldn’t lose their assets on the EOS official blockchain when it finally launches.
Those holding EOS are advised to hold on to their private keys and not import them into wallets until certainty has been established on which one is the original chain. There has been no official announcement yet and the EOS balances cannot be moved out of exchanges, leaving users with only trading as an option for using the coin.