The EOS price leaped by more than 30 percent on Wednesday, headlining a rally that saw the cryptocurrency market cap swell by more than $6 billion.
EOS Price Headlines Market Rally with 30 Percent Surge
On Wednesday, the EOS price exploded by an eye-popping 33 percent, outpacing every other top 100-cryptocurrency.
At present, EOS is trading at $7.96 on Binance -- up from less than $6 on Tuesday -- which translates into a $6.2 billion circulating market cap and places the token just $200 million behind Litecoin for the fifth spot in the market cap rankings.
The rally has correlated with a surge in trading volume. At present, 24-hour EOS volume exceeds $1.2 billion, which is fourth among all cryptocurrencies and just $100 million below that of Ethereum.
A plurality of EOS trading volume is concentrated in South Korea, with KRW pairs at Bithumb and Upbit comprising 42.5 percent of the token's global volume. However, the remainder of the cryptocurrency's volume is fairly well distributed, both between exchanges and currency pairs.
EOS Bull Run Appears Connected to Upcoming Airdrop
The present EOS rally appears to be primarily connected to the eosDAC airdrop, whose blockchain snapshot is scheduled for April 15.
On that date -- which marks the 300th day of the EOS initial coin offering (ICO) -- all Ethereum wallets holding at least 100 EOS tokens will receive an equivalent number of eosDAC tokens, which will ultimately be transferred to the EOS mainnet once it launches later this year. Users holding fewer than 100 EOS tokens will eventually be able to claim their airdropped eosDAC tokens as well, though they will have to do so manually.
Cryptocurrencies often see price surges ahead of an airdrop, only to fall into decline once the blockchain snapshot locks airdrop balances. Consequently, it would not be surprising if EOS fails to sustain this momentum leading into next week.
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