EOS tumbles after Block.one announcement?

[cheezcarls]

Not all good news will lead to pumping of price, and I’m not really surprised.

After this news came out from Block.One, EOS drops by 7% of its coin value:

https://www.newsbtc.com/2019/06/02/sell-the-news-eos-falls-by-7-after-block-ones-june-1st-announcement/

It’s kind of interesting for me that Block.one will be launching their social media platform on the EOS blockchain. However, I just don’t know why it drops after the announcement?  

I would like to hear out from you crypto enthusiasts out here, especially who are holding EOS coins. No matter if you have positive or negative opinions about this, I would greatly appreciate it.

Thank you in advance and Happy Sunday everyone!

[Dpat]

This crash of price for the EOS is not so affected for the long term. The EOS has already achieved the market cap of top10 among all other top priority coin. Also, EOS has the capability of sharing its blockchain for the token creators and already created many tokens.

[Erickan]

Before the information was released, sharks gathered a lot of EOS. As a result, after the good news is released, everyone fomo entering EOS is when sharks will discharge. The price will drop is natural, but I find the purchasing power of EOS still very high, it will quickly recover the price of $ 8.

[palle11]

There is no need to panic with EOS because the team is working harder and it is beginning to gather large community. I see the drop as normal after the news but soon it will regain the loss and continue up.

[kenzawak]

Buy the rumor, sell the news.
The announcement was leaked a few days ago, the price pumped. Now things are just getting back to normal, nothing out of the ordinary here.
Price still went up in the past week.

[Nalbo]

Buy the rumor, sell the news.
The announcement was leaked a few days ago, the price pumped. Now things are just getting back to normal, nothing out of the ordinary here.
Price still went up in the past week.

Exactly. The news got leaked and the price increased in expectation of a price rise and when the time of announcement came, everyone started to sell to make profit of it brining the price of a coin down. So, it's really difficult to predict the price of coins that are just speculative and supposedly increases in price when the demand for the coin increases.