EOS drops 8 percent as price hits $2.93 per token

EOS is currently down 8 percent on the day, down from its recent high of just over $3 per token last week, with most of the market seeing red.

EOS had been riding a slight uptick in price following a decision from the SEC that many analysts interpreted as an implicit greenlight for the token as a non-security. In early October, the SEC sanctioned EOS issuer Block.one over its 2017 ICO, but only fined the company a mere half percent of the (alleged) billions it had raised during the sale.

Following the ruling, the price of EOS jumped by more than 4 percent, but the rally didn’t last. The token has since lost virtually all its gains. After a drop to around $2.90 days after the SEC’s ruling, EOS has since corrected to around $2.93 per token.

And it’s not the only bit of bad news for EOS holders. Earlier this week, Block.One was forced to address a hack that affected the EOS-based gambling platform EOSPlay. Roughly $110,000 worth of EOS funds disappeared in a matter of minutes as a result of the hack.