Three Reasons for EOS's Surge EOS surged by 23% today, with various bullish patterns emerging in its market capitalization before its rebranding to Vaulta.
EOS eos9.51%EOS price has risen for the third consecutive day, hitting an intraday high of $0.707 on April 1, and its market capitalization has exceeded $1 billion at the time of writing. The price surge was accompanied by an 87% increase in trading volume, with $371.6 million traded among traders.
There are three main catalysts driving the rise of the EOS cryptocurrency.
Firstly, EOS's upcoming rebranding to Vaulta, expected to launch by the end of May 2025, has garnered significant attention. The project is shifting its focus towards blockchain-driven banking solutions.
As part of the rebranding, EOS tokens will transition to Vaulta, with new code expected to be announced later this month. The new token will inherit all of EOS's core technologies, including integration with the Bitcoin banking solution exSat.
Secondly, the new Vaulta token will offer approximately 17% staking yield supported by a reward pool of about 250 million tokens, significantly higher than the yields of major players like Ethereum eth2.79%Ethereum and Solana sol1.95%Solana, which stand at 2.03% and 5.14%, respectively.
Finally, traders in the derivatives market are evidently betting on EOS's rise. Data from CoinGlass shows that open interest in EOS futures has surged over 30%, reaching an 11-month high of $144.14 million. The financing rates have also turned positive, indicating that more traders are betting on a short-term increase.
Chart observers have noted this, as they believe the rebound may have just begun.
Analyst CW pointed out that EOS has broken through the critical sell point of $0.65 and is currently targeting the $1 mark, a significant psychological and technical level that this altcoin has not reached since mid-December last year.
Analyst World of Charts also provided the same price target and noted that EOS still has ample momentum to continue its current upward trend.