Demand is extremely important for cryptocurrencies, and a recent announcement has caused the altcoin EOS to surge rapidly. At the time of writing, EOS Coin, which was trading at $1.2, started rallying from the $1.1 region following the announcement a few minutes ago.
Why Is EOS Rising?
EOS CEO Yves La Rose announced via the official X account that half of the supply would be burned. Following this announcement, we saw the price rise to $1.2102. Currently, while the BTC price is targeting $68,000, EOS has given the best news possible, and we will observe the reflections of this on the price in the next few hours.
Halving the supply means that the current market value could exceed $2 billion. This could open the door to an EOS Coin price above $2. For now, as of 21:51 (TSI), the price is challenging $1.25, and investors do not seem to have fully believed the big news yet, nor have they started to take positions accordingly.
