Two altcoins that took the neighborhood abruptly on the final day are Audius (320% +) and Solana (209% +). Although main cryptocurrencies like Bitcoin and Ethereum are doing nicely, lesser-known cryptocurrencies have drawn rather a lot of consideration these days.

The query is: are these altcoins the proper alternative from an funding perspective? For Audius, the future will not be what you count on.

Audius and a revenue of greater than 320%

Audius is a crypto-based music streaming service that launched its AUDIO token in October 2020. Since it was listed, outdated has exploded in price and worth, trading at $ 2.7 at press time.

It has rallied almost 1,705% in the previous few months, with a every day excessive of 100% yesterday. Based on the latest uptrend, AUDIO is up over 320% since the final week of July to a 24-hour excessive of $ 4.06.

Source: TradingView

A significant component behind this protest is the information that Audius has introduced a partnership with TikTok that may permit customers to share audio information from Audius on to TikTok. This is a big improvement, particularly since TikTok banned all crypto-related promoting content material on the platform in July.

Is it price investing in AUDIO?

A glance at the knowledge in the chain can present a greater overview. Surprisingly, this altcoin not solely rose with the market transfer, however was additionally a lot increased than the Dogecoin pumped by influencers.

In reality, AUDIO has had sturdy developer exercise with the identical development fee since June; it has round 8 builders on common, whereas DOGE solely has 2.

Source: Santiment

Not solely that, it additionally correlates strongly with Bitcoin – 0.89 – increased than Cardano. Also, the common stability for an handle is $ 110,798. Reason? The community’s low quantity of addresses at the time of going to press is barely 16.2k. Even so, it recorded a excessive quantity of $ 825 million in the previous 24 hours.

Source: Intotheblock

Simply put, AUDIO is basically a whale token. This signifies that all of the circulating supply is dominated by whales, which personal greater than 91%.

Such dominance makes the coin susceptible to whale heaps. That, together with the volatility of AUDIO, could cause the price to drop at any time with out warning. It’s a basic math – if it will probably improve 70% in in the future, it will probably lower by the identical quantity or extra.

Source: Intotheblock

Annie

According to Ambcrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page