EOSIO to Conduct Hard Fork in 3 Hours, How Might EOS Price Change?

Libra Coin News
Mon, 09/23/2019 - 09:59
Yuri Molchan
An EOS hard fork to occur in less than four hours, Binance and Huobi are going to be among exchanges that will support it
Cover image via www.123rf.com
Contents

As reported by U.Today previously, on Monday, 23 September, Block.One is going to conduct a major EOSIO upgrade. The event will take place in less than four hours.

The top crypto exchange Binance has spread the word that it will support the EOS hard fork. Huobi will also support the upgrade.

The largest EOS upgrade so far

EOS is a member of the top-ten list of coins with the largest market cap and is ranked 7 on it. The network is about to implement the first consensus upgrade when block producers will implement EOSIO v1.8 on the system’s mainnet.

The EOSIO team says this is going to be the largest upgrade on the network. The amount of time left until it takes place can be watched here.

Image by https://eosnation.io/upgrade/

The price of the coin that undergoes a hard fork often changes if a brand new coin springs off it, as it was with Bitcoin and Bitcoin Cash, for example, or Bitcoin Cash and Bitcoin SV, the most ‘bloody’ hard fork in the history of crypto.

In that case, holders of the parent coin receive new coins on a one-to-one ratio. Whales in such cases start buying as many ‘parent coins’ as they can, knowing that the more they have of those, the bigger airdrop of new coins they will receive. By buying the parent coin before the hard fork, they can drive its price up and then, when they receive the new coins as well, they may dump both coins on the market, pushing their price down.

Since no new coins are going to be forked from EOS, it is hard to say whether the EOS price will change.

About a week ago, the EOS price broke through the $4 resistance level but later on a mild correction followed.

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Binance to support the EOS upgrade

On September 23, the Binance team announced in its blog that it plans to support the approaching EOS upgrade, as well as Huobi. All EOS deposits and withdrawals will be temporarily suspended. Their resumption will be announced separately.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.