EOS Surges Over 20% After Block.One Gets Ready To Launch Its Social Network #B1June on June 1

EOS, one of the largest digital currencies in the market has expanded over 20% in the last few hours. There are many different reasons why this is happening. One of them is related to the fact that Block.one, the company behind EOS, is planning to be launching a social network platform.

EOS Surges 20% After Reports Of A Major Announcement

EOS has been one of the best performing digital assets during the last days. The virtual currency was able to surpass Litecoin (LTC) and reach the fifth position in the crypto market. According to CoinMarketCap, EOS has a price per coin of $7.85 and a market capitalization of $7.2 billion.

Block.one has been purchasing 10 percent of its stock back showing that the firm is bullish about its future. One of the individuals that is selling shares back to the company is Mike Novogratz. However, other investors selling their shares back to EOS have not been disclosed.

The company is preparing a major announcement for June 1 and a special website has been set up for users to follow the announcement as soon as it comes. Apparently, the company is prepared to launch a new social network.

About it, the description of a recently obtained trademark reads as follows:

“Providing temporary use of non-downloadable web and mobile application software for virtual community, social networking, photo sharing, electronic media sharing, and encrypted or otherwise secured messaging and media transmission; computer services, namely, creating on-line virtual communities for users to organize groups and events, participate in discussions, and engage in social, business, and community networking.”

This could be very bullish for EOS since the current social networks that were launched and that use blockchain technology were not able to reach a large number of users. However, EOS has a large number of users and several dApps running on top of it have attracted several individuals. It remains to be seen which is going to be the effect of this social network in the market.

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