As the DeFi market’s momentum continues to stagnate, crypto investors hungry for results flock to the pre-sale and new listings in tokens for considerable profits in no time. However, this resulted in huge losses due to the so-called “rug pulls” that causes investors to lose 100% of their investment. However, a relatively new token called Audius (AUDIO) launched without hype on social media. Shortly after launch, Binance announced that it had made a strategic investment in the project and listed it on the stock exchange.
It immediately created a massive hype around the project, which increased the crypto token price to over 1000 percent in just a few hours.
Audius Music Launches a Crypto Token and Accepts Binance Investment
Today the leading network for a new blockchain project focused on music was launched, tied to the new AUDIO token. Audius has already teamed up with top artists like deadmau5, 3LAU, and RAC. With over 40,000 artists, the decentralized application (dApp) already has 750,000 active monthly users.
Since 2018, the project has received $5 million in investment capital from VC firms General Catalyst, Lightspeed, and Pantera Capital.
The crypto-token launch saw mixed price movements fall when Binance announced that it had made a strategic investment in Audius Music – a project to which tokens are tied.
In a statement, Binance stated that they are spearheading a $ 1.25 million project expansion as there is already a strong streaming base of top artists who can own and monetize their music without intermediaries like record labels.
Binance Labs, Binance’s investment and incubation unit, has made a strategic investment in Audius. The decentralized streaming protocol lets everyone have the freedom to distribute, monetize, and broadcast audio, according to Binance.
AUDIO Tokens Skyrocketed 1000%
Shortly after the strategic investment announcement, AUDIO tokens also received listing on crypto exchanges, further bolstering the formed rally. It caused it to jump over 1,000 percent before its momentum slowed, and big buyers took profits.
At the time of writing, the token trades for over 900% on the Audius platform and currently priced at $ 0.44. Crypto now has a market cap of $ 9 million. It may not see too much further growth until the platform shows more signs of being widely used by artists and listeners globally.
It received some negative coverage in 2019, with The Verge posting a report about Audius‘s getting dubbed a “copyright nightmare” full of pirated content. It remains unclear if this will be a permanent problem for the platform.