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Audius (AUDIO) Rallies 10% Despite Market Slump: Details

Tue, 03/28/2023 - 15:00
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Tomiwabold Olajide
24-hour trading volume also shot up 356%
Audius (AUDIO) Rallies 10% Despite Market Slump: Details
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AUDIO, the native token of decentralized music streaming platform Audius, seems to be defying the recent market slump as it rose nearly 10% on March 28. Audius rose from lows of $0.262 to reach intraday highs of $0.293.

At the time of writing, AUDIO was up 7.35% in the last 24 hours to $0.288. This is significant as the majority of crypto assets suffered losses in the last 24 hours in the wake of the Binance CFTC complaint. The 24-hour trading volume also shot up 356% as traders jumped into the recent volatility.

The actual reason for the rise remains unknown as a scroll through the official Twitter handle of the Audius platform does not hint at any official announcement that could support a rise.

However, at the start of March, Audius announced it was implementing a non-fungible token (NFT) gating feature intended to allow artists to release exclusive content to NFT holders.

Audius' AUDIO Token Skyrockets 70% in Hours, Here's Reason

The utility derived from the use of this feature might be a positive fundamental boost for the Audius blockchain.

$161 million worth in crypto liquidations as Bitcoin and altcoins sustain losses

In the last 24 hours, Coinglass reports $161 million worth of crypto assets have been liquidated as Bitcoin and altcoins suffer losses in the wake of a CFTC complaint against Binance and its CEO.

Many crypto advocates view the action by the U.S. agency as just the latest assault on the sector by global regulators.

Binance Chief Executive Officer Changpeng "CZ" Zhao has downplayed allegations of wrongdoing in the past. CZ recently took to Twitter flashing the number four, which he uses to denote what he believes is negative or FUD that should be ignored by the crypto community.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.