The crypto market is in freefall, with coins posting double digit losses across the board. Among the worst hit is EOS, a blockchain platform designed to be more scalable than Bitcoin.
Just two hours ago, the price of EOS was $3.32 per token. Now, it’s sitting at $2.73—a loss of 17 percent. If we expand our window to the last 24 hours, it’s even worse: EOS is down nearly 29 percent since the start of the day.
The cryptocurrency platform is now down 67 percent from highs of $8.38 per coin on the first day of this year.
It’s not known what has caused this market downturn. It’s possible that a lackluster response to Bakkt’s launch—even though it was initially received with much fanfare when it was announced—was behind the selloff. But it could be any number of factors.
Just yesterday, EOS founder Dan Larimer was tweeting about, “an amazing solution to vote buying,” offering more information to come. But it looks like vote buying on the EOS network will be the least of his worries today.