Audius (AUDIO) rallies 126% in 24 hours on TikTok deal

Audius, AUDIO, TikTok
image from ideahuntr.com

Key Takeaways:

  • Audius partnered with TikTok, which entails a seamless sharing process between the platforms
  • As a result, the AUDIO token logged 126 percent in an explosive rally.

YEREVAN (CoinChapter.com) – AUDIO, the governance token of the Audius, a music streaming platform based on Ethereum and Solana blockchains, rallied a whopping 126% in the past 24 hours, reaching its five-month high of $3.98. The reason behind the sudden surge turned out to be a business deal with TikTok, a popular video-sharing social media platform.

Audius partners with TikTok

Audius stepped on the heels of giant streaming services like Spotify and Apple Music and signed a deal with TikTok. As a result, Audius users can directly share tracks with the app. The designated destination for those shares will be the new “TikTok Sounds” library.

The partnership is the first of its kind for TikTok and, as the announcement stated on Monday, entails a “one-click” transfer of content from Audius.

Forrest Browning, the founder and the chief product officer of Audius, commented on the new collaboration. But, he asserted that while there are other ways to share onto TikTok, they are indirect and more “clunky.”

“Teenagers producing in their bedrooms might not even have distributors. A common way that unsigned artists get their stuff up there right now is by holding their phone up to a laptop while it plays their song, and they add it as background music. It’s not great”.

said Mr. Browning

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New exposure for artists

According to TikTok’s July stats, 75 percent of its users discover new artists on the platform. If that’s the case, Audius users could tap into a new pool of exposure when distributing original tracks. Roneil Rumburg, the streaming platform’s co-founder and CEO, also offered his perspective.

The artists we’ve been talking to want to find better ways to connect the following they’ve built up on TikTok to other places where they can monetize their work better.

said the CEO.

Audius incorporates more than 100,000 artists, most of them fresh faces, as established artists are mostly affiliated with bigger platforms like Spotify. Audius now has 5 million monthly active users, and many of its AUDIO governance tokens are allocated to creators based on the number of streams they generate.

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AUDIO daily chart

As a result of the TikTok collaboration, the governance token of the streaming blockchain network grew by 126 percent in a day and reached $3.98 in price, albeit briefly. The digital asset traded at $3.81 ahead of the London session opening bell Tuesday.

AUDIO rockets towards its all-time high. Source: AUDIOUSD on TradingView.com
AUDIO rockets towards its all-time high. Source: AUDIOUSD on TradingView.com

AUDIO was on an uptrend since July 21, riding the recovery wave across the crypto market. However, the explosive bullish rally resulted in a 5-month high price and a high relative strength index (RSI). In hindsight, this indicator determines the overall momentum and reflects the traders’ confidence level.

When the RSI climbs higher than 70, the traders might consider the coin overbought and pull their bets to secure their assets.

Therefore, the price could correct downward. AUDIO’s RSI clocked at 88, which suggests a possible correction ahead. However, given the positive news at the rally’s core, the possible correction might not be lengthy.

Also read: DOT price hits one month high on Polkadot blockchain growth hopes.

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