AUDIO, the native token of decentralized music streaming platform Audius, has challenged the market with its nearly 16% gain today. This rise in the altcoin price caused the trading volume to skyrocket. Here are the details!
The altcoin managed to climb from its intraday low of $0.25 to $0.29. At the time of writing, AUDIO is trading at $0.288, retaining most of its gains. While this uptrend isn’t a big bang, it’s significant as the majority of crypto assets have suffered losses following the Binance CFTC lawsuit. The 24-hour trading volume also increased by 353% as traders took action to seize the rise.
The real reason for the increase is unknown, as there is no official announcement from the AUDIO platform that will trigger the rise. However, at the beginning of March, Audius announced that it has implemented an unchangeable token (NFT) token feature, which aims to allow artists to post exclusive content to NFT holders. The benefit from using this feature may have provided a positive baseline boost for the Audius network.
In addition, in the past 24 hours, Coinglass reported that $161 million in crypto assets were liquidated after a CFTC lawsuit against Binance and its CEO came to the fore. Many crypto advocates consider the US regulator’s action to be the latest attack by global regulators on the industry.
You can follow the current price action here.