Investors in the Decentralised Finance sector has swamped around the newly listed Audio token after Binance listing saw it record a price surge.
Despite the stagnancy experienced by the high flying Decentrslised Finance sector, investors are still moving into the industry. Investors have been looking onto newly listen tokens and presales in a bid to accumulate massive rewards.
The majority of these investors are looking to accumulate the said profit in a short amount of time. However, this one move has pushed investors into massive losses due to “rug pulls,” which has led to investors losing their entire capital.
Binance lists the new Audio token after announcing its investment in the project
Today, however, witnessed the launch of a new token in the Decentralised Finance sector without much hype of it on Twitter. Not quite long after the token debuted on the platform, leading digital exchange platform, Binance announced that it had made some considerable investment in the token.
Binance continued its statement by stating that it has listed the tokens, and it is already available for trade on its platform. This one move was all the token needed as it made a massive price move to record a surge of over 1000% in just a few hours after its listing.
Earlier today, the developers of the Audio token announced that they had launched a new music-focused blockchain. After the announcement, the coin traded close to the initial price listed and, in some cases, drifted low because of the non-participation by members of the DeFi community.
The moment Binance announced the listing of the coin, investors and traders swarmed to the asset, a move that contributed to the price surge recorded by the token.
Audio token makes a 1000% price surge after Binance listing
In the announcement made by Binance, the firm said that it had already made a $1.25 million investment in the token. Furthermore, Binance explained that the reason it invested in the project was that it had a strong base of streaming content from A list artists who can own and make money from their music without a record label.
“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,” Binance said.
One factor responsible for the surge in the price of the token was its listing on Binance. This move saw the coin witness a surge of about 1000% before it experienced stagnation. When the profits were coming in, large scale buyers were already taking their profits. The Audio token is already trading at $0.44, up about 900% from its initial price.
The token boasts of a market capitalization of $9 million, and it’s not expected to make another surge until more artists and listeners begin to use the platform. In 2019, the project received media negativity after The Verge released a report branding Audius, a copyright nightmare full of pirated materials. it is yet unknown if this will be a significant problem for the platform