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EOS surges 12% following rumor about social media launch

Altcoins

www.chepicap.com 02 June 2019 02:00, UTC
  
Reading time: ~2 m

Following the recent news circulating on twitter that Block.One will be dropping a major announcement today regarding a competitor to twitter, EOS saw a 12% gain in price.

Block.One is set to drop a major announcement today and the entire community is excited to see what it could be. However yesterday, CNBC’s ‘Crypto Trader’ presenter Ran NeuNer tweeted that Block.One will be announced the “launching a blockchain powered competitor to Twitter. Participants will be rewarded for engagement using tokens that represent a portion of the ad revenue.”

Block one, the founding company of the EOS chain is launching a blockchain powered competitor to Twitter. Participants will be rewarded for engagement using tokens that represent a portion of the ad revenue.

— Ran NeuNer (@cryptomanran) May 31, 2019


The news has not been confirmed as true or not, but coming from such a reliable source in the industry means that it could very well be true.


EOS yesterday reacted to the news, with crypto trader Luke Martin also commenting on the launch of an EOS-based social media platform before deleting the tweet.

I just learned that tweeting a link of a rumored announcement while I'm driving and can't verify is not the best combo.

If that was the real announcement though I would insta-dump

— Luke Martin (@VentureCoinist) May 31, 2019


The price of EOS saw a dramatic 17% in price following the twitter news and could very well look to break $9 this weekend if the announcement proves to be more promising. However, critics have also noted that the news could turn the price action bearish if Block.One looks to release a direct competitor to social media giant Twitter.

 EOS/USDT Chart provided by Tradingview 


It is also very possible that “buy the rumor, sell the news” scenario could play out, seeing EOS dump at these prices. All eyes will be on EOS today as the Block.One announcement is expected later today.

If this rumor is true and $EOS unveils a blockchain based Twitter like platform, this is incredibly bullish.

Buying a bag here 🔥 https://t.co/LyR5JuCpje

— Satoshi Flipper (@SatoshiFlipper) May 31, 2019

Block One stage tomorrow is HUGE. $Eos #b1june https://t.co/KXHvydgFPP

— Justin Wu - E3 2019 (@hackapreneur) May 31, 2019

I’m bearish on any social network calling themselves a “twitter competitor” that requires KYC in order to join $EOS

— UZI (@LilUziVertcoin) June 1, 2019

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