EOS is an interesting smart contract platform that’s innovative and controversial in about equal portion. What you think of EOS will depend largely upon what sort of crypto politics you subscribe to. But whether the EOS blockchain is a scam or a revolution, the EOS coin has value and is widely traded throughout the world. We’ll make some EOS price chart predictions after we take a closer look at what makes this project tick.
EOS was launched in 2017 by none other than Dan Larimer and co. Larimer was known at the time as the creator and ex-head of both Bitshares and Steem – two high quality crypto ecosystems in their own right, though both were abandoned by Larimer before they reached true maturity. EOS has a year-long ICO, during which time it raised more than $4 billion. Yes, that’s right, “billion”.
EOS’s ICO haul was conspicuously large for an esoteric tech startup with no working product, but that didn’t stop from investors and developers from signing on with rabid enthusiasm. EOS started sprouting new Dapps and smart contracts in no time, and remains a hotbed for blockchain development to this day. EOS has been labeled the “Ethereum Killer” since day one, and in fact some of its develop base did self-poach from Ethereum.
However, many believe that all is not rosy with EOS. Far more centralized than Ethereum (in order to achieve scalability on the cheap), EOS block creators look very much like an oligopoly. Able to vote themselves into power to stay (1 EOS = 1 vote), even malicious block producers can stay in power without the community being able to respond.
Furthermore, EOS core development has slowed to a crawl. Where there once were dozens of Github commits per day, there have only been (at this time, February 11, 2019) 5 commits in the new year. Third party development remains committed, but people who accuse Larimer of abandoning a third crypto project aren’t making up such an accusation out of thin air.
So we’re left with a confusing platform and cryptocurrency with EOS. Can EOS thrive as-is if core development ceases? Are malicious block producers a fatal flaw? Is the project’s scalability a fair payoff for sacrificing decentralization? We can’t answer these questions with any finality, but they do fill us with a certain skepticism that will inform our resulting EOS value predictions.
Why EOS Prices Rise and Fall
EOS prices rise and fall on the back of market hype. At times in its history, the coin was the darling of the crypto investment world and any expert would have recommended to buy EOS. The project was marketed like the second coming of Christ and investors the world over fell over themselves to get a piece of the action by purchasing and storing the currency in EOS wallet until its price would rise.
When the crypto markets crashed, so did EOS. It wasn’t powerful enough on its own to beat out the downward pressure of a plummeting Bitcoin. And yet, it continued to perform well compared to other projects, quickly hurtling toward the cryptocurrency market top 10. Even today, EOS’s true believers hold the coin steady at the #5 position on Coin Market Cap.
Criticisms of EOS are easy to find, and have already been described here in short. So why are EOS prices so buoyant? Well, EOS is and always was a hype beast. The project has spent no small portion of its $4 billion bankroll in spreading the word of EOS far and wide. EOS’s community is, consequently, fairly enormous. Even amidst the yearlong crypto price drought through which so many of us have suffered, the EOS community remains large and robust.
Bitcoin is still king. When BTC prices fall, so do all other altcoin prices. When Bitcoin prices rise, money enters the space, and investors spread out into the most popular alts. EOS may be a media juggernaut, but it is not yet immune to these market realities. Because of the fundamental problems with EOS we’ve already described, we don’t expect EOS price live to shoot to the moon anytime soon, at least on its own power, but if the bulls return, you can bet that EOS prices will follow suit.
So that’s our take on EOS for the very short term. But how have EOS prices been affected by past market forces? And how will our EOS predictions scale for this blockchain project when considering distant future performance? To find out, just keep reading.
EOS Historical Prices
Because of EOS’s yearlong ICO, EOS coins trickled onto the market gradually. Investors during this period weren’t likely to invest much more or less than they’d pay at ICO, and EOS coin price stayed around $1 for its first few months on the market, July through November 2017.
Then all hell broke loose. EOS was one of the best performers in the crypto price run that peaked in January 2018, when EOS coins hit almost $20. EOS prices collapsed along with everything else in the months to follow, but EOS prices did something almost no other crypto coin did during the epic bear market crash: they recovered more than 100%.
That’s right, while all of the other crypto mainstays were still tumbling bruised and bloody down the crypto price cliffs in late April 2018, EOS was hitting new all-time highs of over $21. These EOS worth increases coincided with the release of the EOS mainnet and the release of the real EOS coins. Up until then, EOS traders had been trading EOS coin placeholders. They had the same value and nominal function as the mainnet EOS coins, but would have to be traded for the real thing. That’s what happened in late spring 2018.
From there, EOS prices stopped being the exception to the rule, and went ahead wilting on the vine just like everything else. $15, $10, $8, $5…all of these psychological price floors held and were broken, and EOS prices are sitting between $2 and $3 today, not too much higher than they were selling when EOS hit the markets for the first time, just a year and a half ago. Will next year’s price be the same as EOS today?
EOS Future Price Predictions
So what does the future of EOS hold? Well, we’ve made it no secret that we’re skeptical of EOS on many levels. Anything could happen, but we think that it’s most likely that EOS prices won’t ever reach past heights again. Even if they do, our EOS prediction is that EOS price success would be only a temporary situation.
EOS Prices in 2019
We expect the bulls to return to the crypto markets in 2019. We may not be testing past all-time highs this year, but we’ll see a recovery compared to the prices of 2019 Q1. EOS would definitely be a beneficiary of money re-entering this space. Though EOS seems sketchy on certain levels, it’s not a clear failure by any means. At least not yet. If the bulls returns in the next few months, expect EOS prices to hit…
$10 per EOS coin.
EOS Prices in 2020
Beyond 2019, we wouldn’t hold our breath. We believe that, by 2020, it will be clear that EOS is not the one true smart contract platform. Development will have stalled, just as core development is stalling now. Dan Larimer may have started some new crypto shenanigans by this point. The EOS community will have become dispirited. Accusations like “EOS is a scam” will not be falling on deaf ears quite like they are today. If our read on EOS is correct, our EOS price prediction for 2020 year’s end is…
$0.83 per EOS coin.
EOS Prices 2021 and Beyond
If all of the above comes to pass, no one will be talking about EOS at all in 2021, expect as a cautionary tale. People will marvel that such a company could have raised $4 billion, and former EOS investors will sit in embarrassed silence. If EOS really is a failure by 2021 (and who knows, we could be wrong), then our EOS prediction for 2021 and beyond is….
$0 per EOS coin.
So there you have it. We’ve looked at all the evidence we can find, and we think EOS isn’t going to last for the long haul. In our opinion, EOS succeeded in its early days because of marketing and investor FOMO, not because of the virtue or durability of the tech. EOS could prove us wrong, but it will take a renewed commitment from Dan and the other core developers. Meanwhile, the platform will have to find a solution for malicious block producer oligarchs, and any of a dozen more potentially fatal EOS miscalculations.
We don’t have any reason to hate EOS specifically. If it was an ethically run piece of software gold, we’d support it just like it’s most ardent admirers. But this just doesn’t seem to be the case from where we’re sitting. If you’re on the fence about whether or not to invest in EOS, please do your own research and make your own decision.