EOS price prediction: What’s in store for 2022?
After a record-breaking ICO in 2017, the token has lagged. Is there a brighter future ahead?
EOS, the cryptocurrency token that is native to the EOS blockchain protocol, underperformed in 2021 after failing to hold on to the surge that followed parent company Block.one’s $10m funding round.
EOS continued on a stark downturn into 2022, reaching a three-year low of $0.82 on 18 June following multiple market-wide crashes. At the time of writing on 17 August 2022, the token has spiked and is trading at $1.55, but remains well below its launch price.
Is the coin poised for another bull run, or will it collect dust as the rest of the asset space matures? Read on for an EOS price prediction.
EOS price history and EOS news
It has not been plain sailing for the EOS community. Initially touted as an “Ethereum killer” when it launched in 2017, EOS’s $4bn initial coin offering (ICO) made headlines by being the largest ever at that point.
Promising better energy efficiency, with an innovative consensus algorithm that rewarded good behaviour over competitive mining power, lofty EOS price predictions seemed to come to fruition when it surpassed the $20 mark in April 2018.
That figure proved unsustainable, however, and apart from its brief May run in 2021, EOS remained well under the $5 mark in 2021 and slid below the $1 mark in mid-June 2022. However, dedication from the grassroots EOS community has helped the coin to persevere in a long-running bear market.
In November 2021, EOS announced venture capital support from Helios – the venture fund of philanthropist and former child movie star Brock Pierce – by way of an EOS token transfer worth $200m. Pierce was a co-founder of Block.one and also co-founded the stablecoin Tether.
But controversy has dogged Block.one. Yves La Rose, community-elected leader of the EOS Network Foundation (ENF), successfully divested the token from its parent company. He explained: “If EOS is to clean up its image, breaking away from the shadow of Block.one is crucial.” Rose labelled EOS a “failure”.
Many EOS investors took the chance to exit after a strong rally on 8 December 2021, prompted by the news that the EOS community had voted to stop token vesting to Block.one.
La Rose added: “Through a super-majority consensus, the EOS network has taken its future in its own hands. This begins a new era for EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs.”
On 22 January 2022, EOS creator Dan Larimer returned to the EOS project after leaving Block.one last year. The network’s new patrons are hoping to spark an EOS renaissance, as Larimer’s Mandel upgrade and hard fork will give ENF control of the EOS codebase if validators adopt it later this year.
As the conflict between Block.one and Yves La Rose showed no signs of coming to a conclusion, one thing was certain – EOS was under new management.
There had been plenty of developments in the EOS ecosystem in the first quarter of 2022. Funding secured through Pomelo and recognition grants, and the publishing of the Wallet+ Blue Paper, provided encouraging news for EOS enthusiasts. And on 11 April 2022, a coalition of EOS.IO protocol-based blockchains (EOS, Telos, WAX and UX Networkdistinct) committed a combined $8m annual budget for core development 2022.
Yves La Rose elaborated further:
“This coalition represents a monumental shift in direction for the future of the EOS.IO protocol and is a huge milestone for all of the businesses leveraging its technology. The network effect of multiple EOS.IO blockchains working together to secure the growth and sustainability of our common codebase and related open-source innovations is a force multiplier that will be paying dividends for years to come.”
A recent report highlighted some of the developments made by the team, which include Pomelo Season 3. The report also includes updates to the Recover+ Blue Paper, designed to “foster the next era of DeFi on EOS with ever more security, safety, and reliability.”
The Recover+ Blue Paper examines how to build an asset recovery framework for hacking incidents around the DPoS governance system of EOS, which can be reflected in the product logic and functionality of the Recover+ Portal.
Yves La Rose said on Twitter: “The EOS community has been through a lot, but they’ve shown great resiliency. Other than Bitcoin, has any blockchain shown itself to be as resilient as EOS? After we pull off the comeback, everyone will be talking about The New EOS… and as more than just a victim.”
Despite these developments, the long-running bear market has throttled the value of the token. As the total value of the crypto market sank below $1trn, many cryptos fell in tandem with the general market sentiment. In no way immune to this general decline, EOS closed the month of June at $0.9226.
However, the token managed to breach the $1 mark in early July, and closed on 31 July 2022 at $1.33.
On 15 August, Yves La Rose posted: “On September 21, EOS will undergo a hard fork to upgrade to the EOS Network to the new codebase that the EosNFoundation has been meticulously building towards. This consensus upgrade severs all ties from Block.one and represents the official beginning of TheNewEOS!”
New Yield+ registrations have increased the total value locked (TVL) inside the EOS pools from 94.71 EOS to 102.18 EOS, prompting a spike in demand:
As of 17 August 2022 and at the time of writing, the token is trading at $1.55, up over 22% in a recent 24-hour trading window. With a market cap of almost $1.55bn, it is the 40th-largest crypto by that metric, according to data sourced by CoinMarketCap.
What is EOS?
The EOS.IO blockchain is posited as a developer-friendly alternative to Ethereum (ETH), allowing the creation of decentralised apps (or dApps) using the native EOS crypto token. Popular dApps on the EOS.IO ecosystem include gaming, social media and DeFi platforms.
To get all the gritty details about EOS and the infrastructure behind the token, be sure to check out our in-depth guide.
From the EOS whitepaper
The EOS.IO Technical whitepaper was published on Github on 16 March 2018, and covers certain requirements EOS aims to meet to encourage adoption, including the ability to support millions of users, free usage, easy upgrades and bug recovery, low latency, sequential performance and parallel performance.
EOS also aims to solve issues presented by “existing blockchain platforms burdened by large fees and limited computational capacity that prevent widespread blockchain adoption”.
The whitepaper states: “The EOS.IO software is designed from experience with proven concepts and best practices, and represents fundamental advancements in blockchain technology. The software is part of a holistic blueprint for a globally scalable blockchain society in which decentralised applications can be easily deployed and governed.”
So what is the EOS coin price prediction? Below, we outline some EOS price predictions for 2022 and beyond.
What are analysts saying?
CoinPriceForecast’s EOS price prediction for 2022 suggests a bullish year-end value of $2.36. The site goes so far as to make an EOS price prediction for 2030 of $4.40 towards the end of the year.
The EOS price prediction for 2025 as estimated by DigitalCoinPrice stands at $2.98, following a general uptrend to $7.13 by 2030. In the shorter term, the site forecasts the coin could reach as high as $2.03 by the end of September, representing an upswing of over 30%.
However, at the time of writing, according to a composite of 26 indicators published by the site, six suggest selling for the moment, with 11 saying to hold while nine recommend buying.
WalletInvestor gives a more bearish long-term forecast, predicting a one-year price point of $0.51, and does not think the coin will make any substantial recovery thereafter.
Is EOS a good investment?
It might be. Despite performing well in 2021, the token is trading below its ICO price. Current performance is underwhelming, however, when looking at the wider picture. Trading volumes were hitting $4bn highs in 2018, with recorded price highs exceeding the $20 mark.
Given the current market activity and new management, EOS has the potential for a price increase, but bear in mind that the token’s future performance will rely on improved sentiment regarding both the protocol itself and the broader crypto market.
Will EOS go up?
Potentially. There is some room for growth with EOS, and the consensus among forecasters is that it might. Despite underperforming against lofty expectations, modest rises have been noted, and the consensus EOS price prediction is that this trend will continue.
Nevertheless, cryptocurrencies are highly volatile and prices can go down as well as up. You will need to do your own research, and never invest more than you can afford to lose.
Should I invest in EOS?
That’s for you to decide. Your decision to invest depends on your attitude to risk, your expertise in this market, the spread of your investment portfolio and how comfortable you are about losing money.
This analysis does not constitute investment advice. It is important to make your own analysis before deciding to invest. You should never invest any money that you cannot afford to lose.