Native Crypto of Decentralized Music Streaming Platform Surges 1,125% After Binance Reveals Investment
A largely unheard cryptocurrency gained 1,125% after Binance crypto exchange revealed its investment in the project. Specifically, the decentralized music streaming platform Audius (AUDIO) rolled out with virtually no attention from crypto advocates on social media.
The cryptocurrency recorded a low of $0.04 on the day of launch, as per CoinGecko. A few hours later, Binance revealed that it is investing in the venture.
“Binance Labs, the investment and incubation arm of Binance, has made a strategic investment in Audius – a decentralized streaming protocol giving everyone the freedom to distribute, monetize, and stream any audio content. Specifically, Binance Labs led an extension round for Audius worth $1.25 million. With 750,000 monthly active users (MAUs) and over a million streams each month across more than 100,000 tracks, Audius has teamed up with top artists like deadmau5, 3LAU, and RAC to help crypto cross the chasm.”
Binance CEO and founder Changpeng Zhao revealed info about the company’s stake purchase in Audius through a tweet. Zhao has 599,000 Twitter followers.
Let’s decentralize music. ???https://t.co/sUgAfNmKwO
— CZ Binance (@cz_binance) October 24, 2020
The news fueled a rally that took the AUDIO token to a high of $0.49, reflecting a surge of 1,125% in a matter of few hours.
As investors resorted to profit booking, Audius lost a portion of its gains. At the time of writing this article Audius was trading at $0.215369 down 13.4% from prior close.