Audius Music launched the AUDIO token recently and got listed on Binance which made it skyrocket by 1000% right after the launch. As the Defi market momentum continues stagnating, the hungry investors started flocking their presales and new token listings in order to make massive profits in the short-term, as we read more in the latest Binance news.
However, there were also massive losses due to the frequency of the rug-pulls which resulted in investors losing 100% of what they put in. Today, a relatively unknown token named AUDIO token launched without much hype on Twitter. Shortly after the launch, Binance announced that it made a strategic investment in the project and gave it a listing on the exchange.
This created immense hype around the project which sent the crypto token’s price skyrocketing by more than 1000 percent in a few hours. The mainnet for the new music-based blockchain project was launched and got tied with the AUDIO token. Just upon launching, the crypto token saw mixed price action and drifted lower until Binance announced that they made a strategic investment in Audius Music.
In the announcement, Binance explained that they had a $1.25 million extension round in the project because they have a strong base of streaming content from top artists that can own and monetize music without a middleman:
“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.”
Shortly after the investment was announced, the AUDIO token received a listing on the crypto exchange which only fueled further the rally that was shaping up. This led the token to surge over 1000 percent before its momentum started stalling and larger buyers started taking profits off the table. At the time of writing, the Audius platform token traded up over 900% at its current price of $0.44.
The cryptocurrency has now a $9 million market cap but it may not see too much further growth until the platform shows signs of gaining widespread utilization amongst the artists and listeners so in 2019 it received some negative coverage with the Verge releasing a report on Audius calling it a “copyright nightmare” full of pirated material. It remains unanswered whether this will prove to be a lasting problem for the platform.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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