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The Audius (AUDIO/USD) price jumped by more than 20% after the company announced a new round of funding from a team of high-profile artists. The coin rose to $2.87, which was the highest it has been since September 6th. This rally brought its total market capitalisation to more than $1.16 billion.
Audius receives major investment
Audius is a leading blockchain project that is disrupting the music industry. The developers have created a platform that enables independent musicians to make money online. In the past few months, thousands of artists have joined the platform while more than 6 million people regularly use the platform.
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The Audius price popped a few weeks ago after the platform teamed up with TikTok, the Chinese social media company. The partnership allowed artists on its platform to make their songs available in TikTok. This was a notable announcement since TikTok has billions of users globally.
And today (Thursday), the AUDIO price popped after a team of music superstars invested in the company. Katy Perru, Jason Derulo, and rapper Nas announced that they had invested $5 million in the company. The valuation of the company was not made public although it first raised $5.5 million when it was launched in 2018. In other funding rounds, Audius raised $1.25 million and $3.1 million. In a statement, Bandier told Rolling Stone:
“Historically, the music business has tended to be slow on the uptake to technological shifts, often fighting rather than embracing them. I do think blockchain is likely to be a commanding force in further empowering creators and more deeply engaging direct artist fan-relationships.”
Another big milestone Audius has made recently is to shift its platform to Solana, the fast-growing Ethereum-killer. This shift will reduce its cost and make it more user-friendly in the backend.
Audius price forecast
The daily chart shows that the Audius price has been in a strong bullish trend in the past few weeks. It has risen by more than 300% from its lowest level in June this year. Along the way, it has risen above the 25-day and 50-day exponential moving averages (EMA).
The MACD remains above the neutral level. Another notable thing is that it has formed a bullish flag pattern. Therefore, the coin will likely keep rising as bulls target the key resistance at $5.15, which is about 88% from the current level.
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