A relatively unknown crypto asset has soared after getting a burst of support from the crypto exchange Binance.
On Friday, the decentralized music streaming platform Audius (AUDIO) launched with little attention from crypto influencers on social media. The coin hit a low of $0.04 on launch day, according to CoinGecko. Just a few hours later, Binance announced that it was backing the newly launched crypto asset.
“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 shared the news about the company’s investment in Audius with his 599,000 Twitter followers.
https://twitter.com/cz_binance/status/1319821965788524545
The news catalyzed a steep upward price movement that sent AUDIO to as high as $0.49, which represents an increase of 1,125% in a span of a few hours.
Audius has since retraced since its high as investors took profits.
At time of writing, it is trading at $0.24 with a market capitalization of $7.5 million.
[adinserter block="1"]Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
