However, it has caused massive losses due to the frequency of so-called “rug pulling”, which has resulted in investors losing 100% of what they put into it.
Today, however, a relatively unknown token called Audios (Audio) launched on Twitter without much publicity about it.
Shortly after its launch, Binance announced that it had made a strategic investment in the project and gave it a listing on its exchange.
It immediately sparked widespread publicity around the project, sending the price of crypto tokens to over 1000 percent in just hours.
Audius Music Launches Crypto Token, Binance Receives Investment
Earlier today, MainNet was launched for a new music-focused blockchain project, tied in with new audio tokens.
At launch, the crypto tokens saw mixed price action, until Bains announced that they made a strategic investment in Audius Music – the project tied to the token.
In the announcement, Binance reported that he led the $ 1.25 million expansion round in the project because it already has a strong base of streaming content from top artists who own their music without a middleman like a record label Can and Monetize.
“Binance Labs, the Investment and Incubation arm of Bynes, has made a strategic investment in Audius – a decentralized streaming protocol that gives everyone the freedom to distribute, monetize and stream any audio content.”
Audio Token Rocket 1000% After Binance Listing
Soon after the announcement of the strategic investment, Audio Token also received a listing on the crypto exchange, which further fueled the ongoing rally.
In the end, this led tokens to grow by more than 1000 percent before speeding up, and large buyers started taking profits off the table.
At the time of writing, the Audius platform’s token is trading over 900% at its current value of $ 0.44.
Crypto now has a $ 9 million market cap. It may not see much growth until the stage shows more signs of achieving widespread use among performers and listeners.
In 2019, it received some negative coverage, with The Verge releasing a report on Audacious, calling it a “copyright nightmare” filled with pirated content.
It is not clear whether this will prove to be a permanent problem for the platform.
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