Bitcoin
Here Are Today’s ICO Movers: Darcrus and EOS
Here’s a look at two of the biggest movers in the Initial Coin Offering (ICO) space over the last twenty-four hours with an analysis of why we think each is moving and what comes next.
The two tokens in our sights for today are Darcrus and EOS.
Let’s kick things off with Darcrus.
This one’s bit of a convoluted entity but it’s worth taking a minute to run through it as an understanding of how it works is necessary to understand why it’s moving right now.
So, Darcrus was the token issued as part of the company’s ICO back at the end of last year. Subsequent to the ICO, the funds raised through the issue were used to start what’s called Sigwo, which is a company that helps private companies migrate their operations to a blockchain. Sigwo then created Jupiter, which is the blockchain to which these private clients migrate.
One more step.
Jupiter is a private blockchain and – by proxy – could be open to internal manipulation. To combat this potential, Sigwo created Mercury, which is a public blockchain that timestamps hashes of the Jupiter blockchain, ensuring a public ledger that means no manipulation is possible without it being flagged up.
Mercury is a token that’s used as a transaction fee for this public ledger of the Jupiter blockchain and – and here’s the important news – the Mercury token has just started trading on Bittrex, which is a major exchange in this space.
When Sigwo makes a net profit, 10% of it will be used to buy and burn Darcrus. With Mercury now traded on Bittrex, the assumption is that Mercury (and, by proxy, Jupiter) is gaining traction and that – in turn – at some point in the near future the supply of Darcrus will tighten.
That’s why Darcrus is running right now.
We said it was a bit convoluted.
Moving forward, there’s a good chance we’ll see more of the same from Darcrus (and, indeed, Mercury) as volume increases on the back of the added exchange listing.
Moving on, EOS.
This one’s a bit of a controversial one. The token, EOS, has risen more than 27% over the last twenty-four hours and currently sits at a 142% premium to its pricing at the end of last month. That’s a solid run but – when you take a look under the hood – there’s very little that can be said to be driving the run and, in turn, very little that indicates it’s going to be supported longer term.
That doesn’t mean it won’t make for a nice near-term trade, however.
For anyone new to this token, EOS is billing itself as a type of Dapp platform (think, Ethereum) but that’s a lot more scalable than the current blockchains that lead the Dapp space (again, think Ethereum).
It’s a neat idea but whether anything will come of it remains to be seen and that’s where the controversy lies at the moment. The team is relatively quiet on progress and the ICO is set to last a whole year, with today being just shy of halfway to close date.
With that said, the company has issued 584,000,000 EOS tokens to date and it’s still going strong, and there’s a near-term distribution phase set to close (at some point during the first week of December.
The price of the tokens increases as the phases pass and it’s in this price increase that we are resting a near-term bull thesis. Basically, while longer term it’s tough to say whether this one is going anywhere, there’s a strong chance we’ll see buy volume ramp up into the end of the current distribution phase and – in turn – price increase in line with volume.
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Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
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