Rug pulling, pump and dump schemes, and other scams prevent DeFi adoption unless a decentralized exchange can discourage this behavior.Ħ3114 Total views 175 Total shares Listen to article 0:00 It’s simple math – If it can rise by 70% in a day, it can also fall by the same degree, if not more.Īudius’ volatility | Source: Intotheblock – AMBCrypto That, coupled with AUDIO’s volatility, and the price can fall at any time, without any warning. Such dominance makes the coin susceptible to whale dumps. This means that the entire circulating supply is dominated by whales, with over 91% of it sitting in their wallets. Simply put, AUDIO is primarily a whale token. Even so, high volumes of $825 million were seen in the last 24 hours alone The reason? The network’s low address count was a mere 16.2k at press time. Additionally, the average balance that an address holds stood at $110,798.
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Not only this, but it also has a strong correlation with Bitcoin – 0.89 – higher than Cardano’s. On average, it has about 8 developers contributing when DOGE only has 2. In fact, AUDIO has strong development activity behind it, with the same picking up pace since June. It does have value, one much higher than the likes of Dogecoin that have pumped thanks to its influencers. This alt is surprisingly not just another crypto that bounced because of market movement. This is a major development, especially since TikTok, in July, banned every crypto-associated promotional content on the platform.īeyond all the news, what is the network’s actual value though? Is it worth investing in?Ī look at on-chain data might give us a better idea. This collaboration will allow users to share audio tracks from Audius directly to TikTok.
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Audius yesterday announced its collaboration with TikTok. In fact, on the back of its most recent uptrend, AUDIO has surged by 326% since the last week of July.Ī major factor behind this rally is the news that made it popular beyond just the crypto-market. Over the past few months, it has risen by almost 1,705% with a single-day high of 70% yesterday. Since its listing, the alt has boomed in terms of price and value, trading at $3.5 at press time. Audius and its 326% hikeĪudius is a crypto-powered music streaming service that launched its token AUDIO back in October 2020. The question is – Are these altcoins the right choice from an investment perspective? As far as Audius is concerned, its future might not be what you expect it to be. In fact, despite major cryptos like Bitcoin and Ethereum doing well, other, lesser-known alts have been grabbing a lot of attention lately. The last couple of days have been surprisingly strong for altcoins like Audius and Solana (209%).