EOS Coin Price Experiences Falling Value, Yet Transaction Count Continues To Increase
Despite Its Falling Value, EOS’s Transaction Count Continues To Increase
While the crypto market at large seems to be going through a rough patch right now, it has just come to light that the EOS network has been able to facilitate a daily transaction record of 47,582,321 tx’s within a period of 24 hours. In addition to this, as per data available on Blocktivity, for the same time period, the EOS network has also been able to achieve a maximum TPS (transactions per second) rate of 3,996.
As a result of this high level of network activity, many naysayers are claiming that these transactions could have either been inflated as a result of spam transmissions or other artificial means— so as to give the EOS project an aura of superiority.
A Detailed Look At The Matter
According to official numbers that can be gathered from EOS Network Monitor, early Monday morning, there were only a total of 55 connected users on the EOS blockchain. Not only that, even the overall system usage of distributed apps on the network was found to be relatively low (barely accounting for more than 40 million transactions per day).
Another curiosity that has spurred the attention of many users is that the spike seems to also be occurring within other networks that have frameworks similar to that of EOS. For example, recently a spokesperson for the WAX project said that they had been successful in facilitating five million transactions per day. Similarly, the team over at STEEM also recently clocked in more than 800,000 transactions per day.
However, all of these networks are known to have the capacity to generate unlimited free transactions (thus not reflecting the network’s actual usage).
Network Load Does Not Translate To Rising Coin Value
Even with EOS’s network capacity being pushed to its hilt, it is worth considering that the price of its native cryptocurrency has dropped by more than 15% over the past week or so. To be even more elaborate, EOS has been one of the biggest losers among the top-10 altcoins over the past month or so.
At presstime, EOS is trading for $2.52 with the currency possessing a total market cap of $2.3 Bln. It is being suggested that the premier token started to tank as soon as lead project developer, Dan Larimer, hinted at the possibility of starting another venture in the coming future (thus sparking rumors that he might abandon EOS altogether).