Following the resignation of Dan Larimer, the lead developer of the EOS blockchain from Block One a few months ago, EOS has been relatively struggling in the market. In what finally seemed like the final breakthrough for EOS some days ago, it broke above $5.4 but sharply retraced below $4 in the face of the micro bear move which temporarily hit the entire cryptocurrency market. Now trading at about $3.9 per coin, can the forthcoming hackathon push the price of EOS above $5?
On the 2nd of March at exactly 15:00 WAT, in collaboration with Google Cloud, EOS will be having an hackathon. The event, which has a price pool of above $40k, will invite programmers from around the world to help build and leverage on the EOS software as well as the Google Cloud. The hackathon will lead to innovations that can help improve on the EOS software. So, will the hackathon have any impact on the price of EOS? Yes, of course.
You have to keep in mind that cryptocurrencies are still very much driven by speculations and now EOS is giving us legitimate reasons to speculate. The partnership with Google Cloud further ignites some level of hype and enthusiasm amongst traders. As I write, people are buying the rumours in order to sell the news afterwards. The volume of EOS on the major exvhanges is beginning to soar as whales continue to gradually accumulate it ahead of the hackathon.
Therfore, we can expect that the price of EOS would most certainly reach at least $5 in the short-term, most probably before or around the date of the hackathon. So, if you are looking for a short term trade, buying EOS now might be very rewarding for you in the few days ahead.
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