EOS Price Rallies 15% as ‘Kimchi Premium’ Returns in South Korea

andrekweku (54)in #cryptocurrency • 6 years ago

The EOS price rallied by 15 percent on Tuesday, outpacing its peers amidst a comprehensive market advance.

At present, the EOS price is valued at a global average of $13.40, up from $11.71 on Monday. In the past week, EOS has surged more than 50 percent, which is the second-best performance among top 10-cryptocurrencies.

Notably, this price action has occurred even in the wake of the high-profile eosDAC airdrop, whose blockchain snapshot took place on April 15. Generally, prices rise ahead of an airdrop and decline once they occur, so it is significant that EOS has managed to sustain its advance even after the blockchain snapshot.

EOS’s rally has correlated with strong trading volume in South Korea, where the token currently trades at a premium as high as $0.16 over prices on Western exchanges. EOS/KRW pairs on Bithumb and Upbit account for more than $629 million in volume, representing approximately one-third of the token’s total daily trading volume.

Finally, EOS’s mainnet launch, which is currently scheduled for June 1, is rapidly approaching, so — barring any delays or other foreseen incidents — anticipation for this event could increase buy pressure over the short-term.