Aurory (AURY), a GameFi coin based on the Solana Blockchain, has made a splash. The cryptocurrency has recorded a 250 percent surge in the past few hours. So what’s behind its rise? Here are the data and developments on the rise…
Solana-based GameFi coin rises
cryptocoin.com As we reported, Aurory, one of the Solana-based coins, made headlines with the rise of its coin. AURY, the token of GameFi project Aurory, has surged nearly 250 percent in just a few hours in the past day. Since the “opening” of trading in the crypto market, the price of AURY has risen from $0.316 at its peak to $1.09. However, the coin has dropped to $0.55 at the time of writing.
Yesterday’s trading volume also matched the price trend. While trading on FTX has not exceeded $200,000 since closing, yesterday’s trading volume was over $1 million. AURY, a classic Solana-based token listed on FTX, has actually been hit hard by the recent crash. As it is known, FTX filed for bankruptcy last week. The AURY price fell more than 70 percent at one point. Most of the liquidity flowed to KuCoin, another major exchange that lists the coin.
Why did cryptocurrencies gain in value?
There are no significant recent developments regarding Aurory. Therefore, behind the rise, it seems that an anonymous person received a large amount of coins. As it is known, if anonymous people buy large amounts of coins in a low and limited liquidity environment, the prices are likely to show a sudden rise. This, along with the activity in the order book, sees an impressive price increase.
Also as a game, Aurory is considered one of the best GameFi projects in the crypto space. The project has a affiliation with Ubisoft, one of the largest game studios in the world. Investors in Aurory include Animoca Brands, which Ubisoft also invests in. Most of the staff also came from the French game developer, as well as Electronic Arts and Warner Bros.
FTX’s relevance to Blockchain games
The FTX ordeal has spread to the huge cryptocurrency space. Even institutional investors like BlackRock lost their money, stating that no one from the FTX company “made it alive.” The interesting thing is the ability of the FTX drop to affect cryptocurrencies. As recently, the Solana token has already recorded new lows due to media reports. In 2021, FTX, Lightspeed and Solana Ventures raised $130 million in funding for Solana Gaming. This was a tremendous effort for FTX and Solana. Some major games in the series have been affected by FTX lately. Among those affected was Aurory.
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