- EOS reveals all of its upcoming projects in its Audit Report
- EOS price takes a hit as concerns loom over the token and analysts warn investors before investing
The EOS coin is the native token of the EOSIO network, a sort of blockchain technology that bills itself as a decentralised operating system. In practice, this entails providing blockchain developers with the tools and resources they need to construct and expand decentralised apps.
The network’s first whitepaper was published in 2017, and the team raised more than $4 billion in investment over a year-long ICO.EOS Crowdfunding was one of the largest crowdfunding in history and EOSIO now has one of the largest market capitalizations in the Blockchain world.
EOS Audit Report
EOS recently released the most recent version of its Q1/Q2 audit report, which includes a thorough assessment and analysis of Pomelo and related EOS Support projects.
The goal of the study was to provide EOS Respect and the greater EOS community with sufficient project specifics to assist users in making decisions during the pomelo seasons.
To elaborate, the audit report highlighted EOS Support’s joint efforts as an organisation to facilitate the tracking of project progress and deliverables. The EOS Audit Community prioritised the projects submitted by EOS token owners throughout the Pomelo season in the report.
Upcoming EOS Projects
Eostat was one of the projects included in the study. By introducing the idea of eostatic data, the study aimed to improve data reliability. The word describes information that cannot be changed and can be checked by anybody.
Aside from Eostat, the report identified numerous other projects. Metahub, for example, is a web plugin wallet developed for the blockchain and its side chains.
The project has a roadmap with several changes scheduled for the following months. Defibox IBC was another project. The project’s purpose is to develop an Antelope Inter-Blockchain Communication (IBC) program that can communicate with EOS, WAX, TELOS, and UX.
EOS’s Concern
Recently, By launching its own EVM, EOS (EOS) is preparing to compete with Ethereum. With EVM one of the most anticipated events of 2023, the EOS (EOS) network is set to deliver speedier transactions and reduced petrol prices. EOS (EOS) has earmarked $20 million for the development of dApps and other Web3 products on its network in an effort to incentivize developers.
Experts, however, remain skeptical about EOS’ (EOS) EVM’s success, considering Ethereum‘s Shanghai Upgrade is only around the corner. Given Ethereum‘s existing presence and network effects, it’s unclear whether EOS (EOS) can truly compete with it in terms of user adoption.
While the story was being written, EOS’ price action went bearish, with a double-digit decline. The token’s price has dropped by more than 14% in the last seven days, according to CoinMarketCap.
It was trading at $1.04 as of press time, with a market capitalization of more than $1.1 billion. According to Santiment’s data, the large price drop resulted in a significant increase in unfavorable sentiment against EOS
A study of the token’s daily chart revealed even more reasons to be concerned, as the majority of market indicators were bearish. The MACD data suggested that the bears in the market were far ahead of the bulls.
EOS’s Chaikin Money Flow (CMF) had dropped precipitously and was approaching the neutral level. Furthermore, the token’s Relative Strength Index (RSI) was sitting at 35.62, raising the likelihood of further price declines in the short term.