A relatively unknown crypto asset has soared after getting a burst of support from the crypto exchange Binance.
On Friday, the decentralized music streaming platform Audius (AUDIO) launched with little attention from crypto influencers on social media. The coin hit a low of $0.04 on launch day, according to CoinGecko. Just a few hours later, Binance announced that it was backing the newly launched crypto asset.
Binance Labs, the investment and incubation arm of Binance, has made a strategic investment in Audius – a decentralized streaming protocol giving everyone the freedom to distribute, monetize, and stream any audio content. Specifically, Binance Labs led an extension round for Audius worth $1.25 million.
With 750,000 monthly active users (MAUs) and over a million streams each month across more than 100,000 tracks, Audius has teamed up with top artists like deadmau5, 3LAU, and RAC to help crypto cross the chasm.
Binance CEO and founder Changpeng Zhao shared the news about the companys investment in Audius with his 599,000 Twitter followers.
— CZ Binance (@cz_binance) October 24, 2020
The news catalyzed a steep upward price movement that sent AUDIO to as high as $0.49, which represents an increase of 1,125% in a span of a few hours.
Audius has since retraced since its high as investors took profits.
At time of writing, it is trading at $0.24 with a market capitalization of $7.5 million.
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