The music industry has so many issues. Hence, there’s a cryptocurrency project trying to change things for the better. The name of this token is the Audius Crypto, but it is having some issues in the market. So, there was a price decline in the native token. Should investors be worried, or is there a chance for a massive comeback? Let’s find out!
Understanding Audius Crypto And How It Works
- Audius Crypto is a decentralized music streaming protocol initially built on the POA network. However, after a series of decision-making processes, this crypto is now operating in the Solana ecosystem. As the same suggests, this token was for the music industry. So, it was to change so many things regarding the crypto industry. Thus, some were the intransparent music rights ownership and intermediaries standing between artists and their audience. Hence, the Audius crypto project aims to change a lot of things.
- To remedy this, it aims to bring together the interests of artists, fans, and node operators. So, it wants to do this through its platform powered by its native AUDIO token. Furthermore, fans can listen to the content of their favorite artists for free. On the other hand, artists can upload music stored and distributed by content and discovery nodes. So, those creating this content will get rewards like featuring in the weekly trending lists. Moreover, the plan of this project is to allow artists to also upload their paid content on their platform.
Audius Crypto Falls By More than 40%
- Audius crypto is a token gaining the attention of many traders. So, this is mainly due to what is happening to its price. So, the price is getting a bit lower, but many traders think that it could make a comeback. According to data from CoinMarketCap, there was a drop of more than 40% in the weekly and monthly charts. So, this was pretty bad for the image of this crypto.
- This comes at a time when the majority of the broader crypto market is having a good time. Thus, investors weren’t expecting Audius crypto to be the black sheep. But there’s hope. Apparently, investors hope that Audius crypto can bounce back from its recent slumber.
Current Price Update for Audius
- At the time of writing, Audius Crypto is trying to make a comeback. Looking at the daily chart, one can see that the bulls are trying to reclaim some authority in the market. So, at press time, the price of this token was at $0.2000. In fact, there was a surge of more than 2% in the 24-hour chart.
- Nevertheless, there are still traces of the massive price decline. So, there’s a decline of more than 13% in the weekly chart. Furthermore, there’s another 13% decline in the monthly chart.
Conclusion
A crypto named Audius is trying to revolutionize the crypto industry, but it is not having it easy. So, Audius Crypto wants to change the music industry with its smart innovations. However, the price of the native token is undergoing a massive decline. Nevertheless, there’s still a chance for a massive comeback for this token.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
