Over the last 90-day stretch, $EOS, the native digital asset of the EOS network, has continued to showcase decent resilience, rising from a valuation of $0.53 to a relative high of $0.67. 

Furthermore, during the last two weeks, the currency has exhibited gains exceeding 40%, resulting in analysts proclaiming that the currency could close in on a price point of $1 — especially given the number of people continuing to deploy their Bitcoin on the EOS chain for DeFi purposes.

That said, since its market debut, $EOS has struggled to live up to its initial hype, sitting well below its all-time high value of $21 (a valuation it achieved during Q1 2018). Not only that, as part of its 2017 initial public offering (IPO), the project was able to raise a record $4 billion. In contrast, $EOS’ current market cap currently sits at a respectable $0.98 billion.

Lastly, when compared with many OG cryptos like Litecoin (LTC), Monero (XMR), Dash (DASH) and NEM (XEM), the currency has fared quite well. As can be seen from the chart below, since Q4 2023, $EOS has outperormed all of the aforementioned coins except for LTC which has showced a year-on-year growth of 33%

Recent noteworthy developments 

On September 25, the EOS team announced that it had successfully implemented its highly awaited Spring 1.0 upgrade, bringing several new features to the ecosystem, including 1-second transaction finality, a new consensus algorithm called ‘Savanna,’ improved network speed, and enhanced security/reliability. 

Not only that, since the update, the EOS network has been able to facilitate transactions 100 times faster than its previous iteration, giving backers hope that the project might still live up to its reputation as an ‘Ethereum Killer.’

That said, the last few years have seen the project being mired in various legal tussles. For instance, the EOS foundation, its founders (Block.one), and EOSIO blockchain’s operators have continued to have conflicting opinions over the project’s future, overshadowing any potential accomplishments EOS might have made recently.

Moreover, earlier this year in June, Tether announced that it was ceasing all of its minting activities on the EOSIO blockchain, resulting in the token plummeting to an all-time low of $0.4.

What lies ahead for EOS?

As things stand, many experts believe that $EOS’ price doesn't correlate with the high value offered by its underlying product suite. “Positioned with the efficient EOSVM (EOS Virtual Machine) that enables seamless onboarding & realization of infrastructures, be it Web3 or DeFi, EOS’ value will only improve,” one trader noted.

Similarly, another analyst highlighted that since its aforementioned upgrade, EOS has become a well-rounded asset, both in terms of its use cases and price pump potential, adding:

“With its staking program now live on KuCoin, alongside its success on Defibox and the EOS network, the asset (EOS) is gaining exposure to a wider audience.”

However, not everyone is convinced of the token’s long-term success. For example, some investors believe that with the network’s CEO Amanda Cordell, alongside the firm’s right arm, focusing on the development of ExSat — a Bitcoin scalability protocol —  EOS as a project might never reach the heights it once did.

Looking ahead, it will be interesting to see how $EOS continues to perform, especially with the market experiencing a major upsurge right now — resulting in its total capitalization scaling to an all-time high of $3.3 trillion (as of Nov 21).