- Summary:
- The Audius price surged after the developers announced a deal with TikTok. I explain what to expect now that the platform has gained
The Audius price had its best day on record after the developers partnered with TikTok, the Chinese social media company. The AUDIO coin rose by more than 110% in the past 24 hours, bringing its total market capitalization to more than $1.4 billion. This makes it one of the biggest cryptocurrencies in the world.
What is Audius?
Audius is a blockchain project that aims to disrupt the $43 billion music industry. The platform’s goal is to give artists the power to market and make money from their music. Besides, artists make only about 12% of the $43 billion in global revenue.
Audius is made of of several key parts, including a token known as AUDIO and a decentralized storage platform for storing and distributing content. It also has a unique discovery platform and a decentralized governance protocol. The AUDIO token has three features, including security, feature access, and a decentralized governance protocol.
Therefore, the Audius price more than doubled today after TikTok announced that it will partner with the project in a bid to increase artists earnings. This is a notable thing considering that TikTok is the second-biggest social media platform after Facebook. Most of its users incorporate music in their creations. The two firms will create TikTok Sounds.
This makes Audius the next big thing considering that other companies could partner with the company. Also, there is a possibility that TikTok could buy the platform.
Audius price prediction
The hourly chart shows that the AUDIO price rose to an all-time high of $4.06. This means that the coin has jumped by more than 225% from its lowest level this month. It has also moved to become the 74th biggest coin in the world.
Now, a closer look at the hourly chart shows that the coin has found a strong resistance at its all-time high. It is also above the 25-day and all other moving averages.
Still, after the sharp increase, I suspect that the coin will have a major decline in the next few sessions as traders start taking profit.
If this happens, the next key level to watch will be the psychological level at $2.5, which is about 25% below the current level. In the long term, however, the coin will likely maintain the bullish trend.
