EOS adopts new tokenomics
The EOS ecosystem has approved a new tokenomics model as part of a broader push to revive the once-promising network.
According to a May 31 announcement, the EOS Network Foundation will reduce the maximum supply of the EOS cryptocurrency to 2.1 billion from 10 billion previously. The foundation also adopted a four-year halving cycle and said it would offer "high-yield staking rewards" for token lockups.
Community members on social media were understandably critical of the new plan, especially those who’ve held the cryptocurrency since its initial coin offering (ICO) back in 2018. Under Block.one, EOS held a year-long ICO, raising a massive $4.1 billion. What followed was a failure to meet project expectations, lengthy court battles and a settlement with regulators.
According to CoinMarketCap data, EOS’s market cap is currently around $935 million, a far cry from the $15 billion peak in 2018. Following the May 31 announcement, its token price was little changed at $0.80.
TRUMP token recovers from nasty dip after Donald Trump guilty verdict
The largest meme coin tied to United States presidential candidate Donald Trump has recovered after plummeting 16% moments after he was found guilty on 34 felony counts for falsifying business records.
The case related to Trump concealing a hush money payment to adult entertainment star Stormy Daniels, which will now move to sentencing. Trump called the outcome of the trial a “disgrace.”
TRUMP fell 16% before roaring back to a 24-hour high. Source: CoinGecko
More than $130 million was wiped from the Donald Trump-linked MAGA (TRUMP) token market cap in a short 20-minute window following the news, according to CoinGecko, going from $13.48 to $11.27.
However, its price bounced back just as quickly and is now at $14.70 at the time of writing — and is now only 1.5% away from regaining its 24-hour peak of $14.92.
Additional reporting by Geraint Price, Sam Bourgi and Felix Ng.
