EOS price climbs up by 17%, the community enjoys market and technical success

On 29th August, the 5th largest cryptocurrency, EOS was recorded to have taken an upward flight by 17.01% during the past 24 hours. Earlier this week, there was a buzz around the issue of EOS RAM exploitation wherein the members of the ecosystem informed the users of a bug fix built to resolve the problem temporarily.

A week ago [22nd August], EOS opened at a trading price of $5.07 with a total market capitalization of $4.59 billion. Since then, the weekly hike of the cryptocurrency has gone up to 26.56%. On 23rd August, the bull turned its back on the EOS market and the price bled down to $4.61 where its market cap also fell by $420 million to land up at $4.17 billion.

EOS has not experienced much fluctuation across the week in relation to many other cryptocurrencies. The only minor downturn that it took was on 26th August where it was trading at $4.87. However, the price began to rally uphill the next day, trading at $5.21 with a market cap of $4.72. From here, the price only defeated the opening price of the week and kept climbing.

At press time, the price of EOS is glowing green with a recorded figure of $6.36 and a market cap of $$5.76 billion. This clearly indicates that the market cap of EOS gained an addition of more than a billion dollars in a few days. Currently, the trading volume of the cryptocurrency in the past 24 hours is over $813 million.

Among the many successes and failures of EOS in the recent past, the one worth highlighting is its positioning by the Ministry of Industry and Information Technology, in its fourth edition of cryptocurrency ranking index. The coin was ranked at the top position by the governing body of China.

While EOS rides the bull and conquers the markets, the technical side of the equation has also seen success in resolving the issue of exploitation of RAM from its customers. On the official subreddit of EOS, a community member has explained the problem with accuracy with the offered solution for the same. The post conveyed:

The problem

“A malicious user can install code on their account which will allow them to insert rows in the name of another account sending them tokens. This lets them lock up RAM by inserting large amounts of garbage into rows when dapps/users send them tokens.”

The solution

“By sending tokens to a proxy account with no available RAM, and with a memo where the first word of the memo is the account you eventually want to send the tokens to, the only account they can assume database row permissions for is the proxy, which has no RAM”