EOS, the digital asset created by Block.One, has quietly lost its spot in the top 10 digital currencies by market cap. EOS was one of the most successful initial coin offerings (ICOs) in 2017 raising roughly $4 billion from its token sale.
Shortly afterward, EOS hit an all-time high of 20.76 in April 2018 and had a market cap of $17.1 billion. Today, the coin is trading around $2.67 with a $2.5 billion market cap–an 87 and 85 percent decline, respectively, from its all-time highs.
EOS just dropped out of the top 10 and nobody noticed. Even their founding partner and chief architect, Ian Grigg, confessed that Craig Wright is Satoshi and said EOS can't scale. That $4,000,000,000 ICO investment sure wasn't used very well, was it?
— Roy Murphy 🇺🇦 (@murphsicles) July 8, 2020
Are you surprised?
It should not come as a surprise to hear that EOS was booted out of the top 10 digital currencies. Several digital currencies in the top 10 by market cap, such as Litecoin (LTC) and Ripple (XRP) don’t deserve to be there either. That is because these coins have no development activity taking place on their networks. In addition, EOS has a troublesome development past—and team—that were bound to accelerate the demise of the EOS coin.
Shortly before the EOS mainnet launched, it was revealed that the EOS blockchain had severe bugs that would prevent it from functioning properly. EOS developers said these bugs were a non-issue and that the EOS blockchain was going to be fine upon its mainnet launch. Yet, the EOS mainnet launch was delayed. Regardless of the delay, it turns out that the individuals who warned of the bugs were right, the day after the EOS blockchain was launched, it froze due to a major bug in the network.
Other problems the blockchain has faced over the years include, EOS network higher-ups freezing user accounts, the network being accused of corrupt governance, and of course EOS’s controversial founder, Brock Pierce.
Brock Pierce for President?
Brock Pierce is a co-founder of Block.one and he has an extremely questionable past which you can learn more about by reading ‘this page on his website.’ In other news, Pierce recently announced that he would be running for President of the United States in the upcoming election this November.
— Brock Pierce (@brockpierce) July 5, 2020
Two days later, Piece announced that he had officially registered his campaign with the Federal Election Commission; he has also shifted his entire social media platform to align with his presidential campaign.
Does Brock Pierce have a chance at winning? Only time—and the electorate—will tell.
Regardless, we will keep you updated on the latest events to unfold on the Brock Pierce campaign trail.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.