EOS Price Plummets Following Creator’s Coronavirus Comment despite the Launch of Its Long-Awaited Voice
Over the past seven days, EOS has seen a price drop of over 13.5%. The move downwards pushed EOS’s market cap down to $3.932 billion. At its highest, EOS’s market cap was $17.5290 billion.
Despite the upward momentum days ago led by the public beta launch of social media Voice developed by EOS’s parent company Block.One, EOS’s latest price plunge, for most Chinese crypto investors, was a result of its creator Daniel Larimer’s remarks on twitter about the new coronavirus in China.
In his comment, Daniel Larimer, knows as BM in China, said that “China is imprisoning at home 98 people to attempt to save 2 (2% fatality rate of the coronavirus)”, which soon angered some Chinese crypto investors who believed he showed no mercy on the suffering people and they thus called for a boycott of EOS in the country.
In such a sensitive time, any remarks about the coronavirus outbreak by big names should be cautious, though his comment is simply to highlight the severity of the situation but it was misinterpreted (as he clarified). Its creator’s speech is sure to affect the project he is engaged in, just like a listed company founder’s comments will affect the stock shares of the company.
His comments about the outbreak were made on February 10, while EOS price first went up and saw no flinch till his social network product Voice was launched on February 14. After his tweets were translated into Chinese by some crypto trader and spread online on February 15, EOS crashed in hours over the night.
According to the past development history of EOS, when there’s bullish news, its price will rise and then correct or even collapse, such as price plummet after the B1June conference last year, and the drop after the launch of EOS mainnet in June 2018.
Voice has been one of the most anticipated projects to come out of EOS. The launch of Voice is definitely a major boost to EOS price with high expectations from the EOS community. The platform bills itself as a truth-focused social media network, which aims to give censorship-heavy social media platforms like Facebook, and Twitter a run for their money.
Amid the upward momentum, on the night of February 15, BM’s coronavirus tweet published five days ago on February 10 suddenly began to spread widely online, and EOS prices plummeted. The over 10% drop in hours that night made many to believe that it was those shorters who were manipulating and maximize the public sentiment to benefit them.
On the morning of February 16, BM realized that his remarks were inappropriate and has deleted all related tweets with only an apology left.
I have done a lot of research on the Corvid-19 pandemic and some of my recent tweets intending to highlight the severity of the situation were misinterpreted. I apologise for that and have removed them. I care deeply about those affected and am exploring ways I can help.
— Daniel Larimer (@bytemaster7) February 15, 2020
As of press time, EOS is trading at $4.12, dropping 11.57% over the past 24 hours.