AUDIO Market Cap Doubles In 24 Hours, Hits $1B After News On Audius' Partnership With TikTok

Prices for AUDIO, the governance token of decentralized music streaming protocol Audius, nearly doubled in the past 24 hours, pushing its market capitalization above $1 billion for the first time.

This sudden surge happened after Audius announced a partnership with popular short-form video application TikTok.

AUDIO market cap from August 16 to August 18 / Image Credit: CoinMarketCap

Data from CoinMarketCap shows that AUDIO’s price reached a high of $4.04. On August 16, it was at $1.60.

According to the Audius' analytical dashboard, there is currently over $298 million of AUDIO being staked on the protocol. 

As of August 2021, there were a total of over 5 million unique users, a relatively impressive metric especially considering this is a blockchain based platform. It claims to be the most used decentralized consumer app, and its daily active users hovers around 160,000 DAU.

Audius-TikTok Partnership

On Tuesday (August 17) Audius announced a partnership with TikTok that allows users to directly share tracks to the popular short-form video app. 

Audius said it had partnered with TikTok in the creation of a new feature called TikTok Sounds, in its announcement on Twitter.  

Featured Image Credit: Insight Music

Also Read: TikTok Announces Blockchain-Powered Music Platform Audius As First Streaming Partner