EOS (EOS) received support as $1 million order was noticed on Binance. In fact, the substantial support sent the EOS market price above $5.
According to Cryptovest, the $1 million order on Binance was noticed on Monday. At around 3:00 UTC, EOS jumped from $4.94 to $5.20. The jump took place in just 20 minutes. A net gain of about 6.65% is achieved in the past 24 hours, according to coinmarketcap. EOS is currently trading at $5.33. Though the level was once considered low, according to current scenario it can be seen as a sign of recovery. The trading volume of the coin is around $571 million in 24 hours.
Apart from the signs of recovery, the community is currently excited as the network has also started supporting distributed apps. And currently, the number of users almost matches that for Ethereum apps. Despite all the good news, it cannot be denied that EOS is still considered to be a risky project and needs to prove itself. It is also trying to do so by taking slow steps towards it. It is to be noted, EOS has been facing the RAM exploit issue for quite some time now but the team came up with a solution to prevent it, until a proper fix is implemented.
Someone just bought >$1M of $EOS at $5.17 on Binance.
— Ashe Oro (@Ashe_Oro) August 27, 2018
According to a Reddit thread, EOS team reportedly came up with a solution to prevent it. Till the bug is fixed, users can send the tokens to a proxy account that has no available RAM. It has to have a memo where the first word of it, is the account that the user eventually want to send the tokens to. Users who are sending tokens to people they do not know can send it through safetransfer by adding the account name as the memo, BitcoinExchangeGuide reported.
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