An announcement regarding a supply reduction has triggered a notable surge in the value of the cryptocurrency EOS. Starting at $1.2, EOS saw its price rise from approximately $1.1 soon after the announcement. This event has substantially affected investor enthusiasm and market engagement with the altcoin.

What’s Behind EOS’s Price Surge?

Yves La Rose, CEO of EOS, posted a gif with a Sesame Street on fire with the words “Let it Burn” on X platform few hours ago. However, there are no details for the burning in question.

The announcement caused a price surge, pushing the coin to $1.2102. As Bitcoin aims for the $68,000 mark, EOS has released positive news that will soon impact its market price.

EOS-USDT Price March 7, 2024 | Source: Tradingview

Latest update

Most investors believed that the announcement on the X platform indicated the burning of half of the EOS supply, but that is not true. As a significant development, reports revealed the cessation of EOS inflation, the minting of 818 million new EOS tokens, the limiting of the EOS supply to 2 billion tokens, and the initiation of aggressive token market launches in the initial phase, which will later decrease with a logarithmic curve.


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