EOS Sold 200,000 ETH ($115M USD) to Bitfinex to Crash Ethereum Price
EOS has been making its way up the top 10 list of cryptos with every step taken. Today, EOS is known to have broken the record in terms of raising funds through Initial Coin Offerings (ICOs) – sitting at $4 billion. It has also been recently discovered that EOS sold over 200,000 ETH to Bitfinex – an action that could have been taken to possibly bring down the ETH price.
The transfer of such a large transaction was traced back to EOS through Trustnodes. After having surpassed Litecoin (LTC) market cap, EOS announced that its next competitor in line is Ethereum, which is known as the second largest market cap to date.
Since May 28, 2018, ETH prices have been experiencing consist drops on Bitfinex – with its current price at around USD$500. While EOS’ involvement was rumored all this time, now we can surely say that EOS was in fact behind this large sale.
Many believe that EOS can one day surpass ETH by increasing its ability to process more transactions than the latter, however, the co-founder of Ethereum, Vitalik Buterin thinks otherwise. In particular, he stated that, “Second layer solutions such as sharding and plasma will allow the network to eventually process 1 million transactions per second.”
Regardless of the competition that remains between the two teams, both still communicate to help develop each other’s’ platforms. Buterin even took the efforts to reach out to developer and Co-Founder of EOS, Larimer, by giving sound advice. Will EOS successfully overtake ETH or will ETH hold its stance firmly?