EOS surges 12% following rumor about social media launch

01 Jun, 2019
Price Action
EOS surges 12% following rumor about social media launch

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.”


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.


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.

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Read more about: EOS (EOS)

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