Cryptocurrency eos, which was criticized by HBO’s John Oliver in a recent segment on investment fraud, is making a double-digit comeback this week as investors bet on more user adoption.
As of Thursday afternoon, Eos was the only one of the 10 largest cryptocurrencies trading higher over the last 24 hours, according to CoinMarketCap.
The coin traded near $7.01, up about 37.7 percent since Friday’s close.
In contrast, more widely known cryptocurrencies are struggling. Ethereum is down about 11 percent, and bitcoin is up about 4 percent since Friday, according to CoinMarketCap.
Eos is a cryptocurrency for a forthcoming platform called eos.ios. The system intends to support more efficient operations for “decentralized applications” than existing platforms such as ethereum. If eos.ios is successful, proponents expect it could bring on much greater adoption of cryptocurrency-related technology.
Notably, former Fortress hedge-fund manager Michael Novogratz’s Galaxy Digital announced in late January a joint venture with eos developer Block.one for a $325 million fund.
Meanwhile, last February, the fund led a $30 million investment in Wikipedia-like crypto project Everipedia, according to an announcement from the start-up.
Based from Milan Koch, managing partner at crypto-asset VC fund Alphablock high demand from South Korean investors also helped eos’ gains.
Nearly half of eos trading volume comes from the South Korean platform Bithumb, according to CryptoCompare.
“North American and Western traders and investors follow the lead of South Korea’s volume here,” Koch said.
In a March 11 episode of “Last Week Tonight,” talk show host John Oliver highlighted eos in his monologue warning viewers about the “speculative mania” and risks of investing in cryptocurrency.
“It can be incredibly hard to tell which companies are for real,” Oliver said during the episode, which has 5.98 million views on YouTube. “If you want a good example of this, look at Block.one, which has raised $1.5 billion.”
“It hasn’t launched yet,” Oliver said. He listed a host of concerns: the apparent lack of seriousness by advisor and noted early bitcoin investor Brock Pierce, the exponential pace of fundraising relative to established tech giants such as Facebook and a Wall Street Journal report that called eos “a software startup that doesn’t plan to sell any software.”
Eos’ price subsequently dropped, falling as low as $3.95 one week later, according to CoinMarketCap.
“We take professional standards seriously and are always focused on raising the bar as our company transitions from startup to aggressive growth,” the Block.one post said.
The eos platform is set to go live this summer. However, even with the latest recovery above $7 its coin remains just over a third of its all-time high of $18.71 listed on CoinMarketCap.