EOS Goes From Rout To Rally In A Week

Investing.com - It's been a wild two weeks for EOS, the sixth largest cryptocurrency.EOS jumped more than 50% in the past week, touching the $7 level, having fallen to a new low for the year on March 18.It all began on March 11, when EOS was singled out by John Oliver in his popular talk show "Last Week Tonight". Oliver used EOS as an example of the risky, speculative mania of the cryptocurrency world.That triggered a week-long slide in its price from more than $6 to less than $4.EOS posted a response on its website, challenging many of Oliver's claims, which seemed to stop the selling.The rebound began when cryptocurrency startup Everipedia revealed that it will distribute its newly created coins to EOS holders in June.EOS, which is supposed to be a superior version of Ethereum, has a long way to go before it recovers all of its lost ground. Like most cryptocurrencies it's still down sharply from its February high. It's even further from its all time high of almost $18 in December.EOS was launched by the company Block.one in mid 2017, and is still in the initial coin offering phase.