At present, EOS is trading at $7.96 on Binance — up from less than $6 on Tuesday — which translates into a $6.2 billion circulating market cap and places the token just $200 million behind Litecoin for the fifth spot in the market cap rankings.
The present EOS rally appears to be primarily connected to the eosDAC airdrop, whose blockchain snapshot is scheduled for April 15.
On that date — which marks the 300th day of the EOS initial coin offering (ICO) — all Ethereum wallets holding at least 100 EOS tokens will receive an equivalent number of eosDAC tokens, which will ultimately be transferred to the EOS mainnet once it launches later this year. Users holding fewer than 100 EOS tokens will eventually be able to claim their airdropped eosDAC tokens as well, though they will have to do so manually.
Cryptocurrencies often see price surges ahead of an airdrop, only to fall into decline once the blockchain snapshot locks airdrop balances. Consequently, it would not be surprising if EOS fails to sustain this momentum leading into next week.