Augur Jumps 38% Overnight as REP/BTC Explodes on Binance
Augur (REP) jumped 38% against the dollar late on Monday night, and sparked an influx of trading activity which saw daily trade volume spike 819% within a few hours.
The bump seems to have originated on Binance’s REP/BTC market, where seven hours of straight gains sent the token to a two-month high against the dollar. Meanwhile, REP’s satoshi value just reverted all the way back to August 2018 highs.
Augur recently teased a host of new features being added to its prediction market platform, however, suspicious eyes may be drawn to this retweet from last night. The article linked in the tweet is titled ‘Long Augur’, and urges readers to invest heavily in REP in anticipation of almost certain gains.
REP’s value had already climbed 10% by the time of the article’s retweet by the Augur team. Following the tweet, momentum continued and REP pushed through to 38% gains for the twenty-four hour period.
That took REP from $8.16 to a price of $11.33, and was accompanied by an 819% increase to trade volume which took the daily changeover from $1 million to $9.2 million.
Binance housed the highest concentration of the action via its REP/BTC market, which kicked into overdrive last night following a 21% decline in the previous few days.
The Medium article is written by the team at 1Confirmation– a venture fund created by Nick Tomaino, and backed by Peter Thiel, Marc Andreessen and Mark Cuban.
Summarized in the post is a description of Augur’s work to date, and some speculation on future improvements, along with the crystal clear statement:
“We’ve invested in Augur directly via Reputation (REP), the native token to the Augur platform…”
Of course, the article ends with a disclaimer urging readers not to take this as investment advice, so legal bases are covered. However, one recalls the trouble Elon Musk went through with the SEC after he jokingly speculated on his company’s stock price on the Joe Rogan podcast.
The publication of the article coinciding with the sudden upturn in REP’s fortunes may be pure chance. But with financial and legal pressures set on reigning in some of the ‘Wild West’ aspects of the crypto game, retweets like those of the Augur team may soon come under a lot more scrutiny.
Augur remains one of the most celebrated blockchain applications of the last few years, mainly because it actually has a working product – still a rarity at this current time.
Some may question whether decentralized gambling apps are really the way to mass adoption. However, right now, these decentralized apps are some of the best examples of how two separate entities can interact economically without the need of a centralized third party. For that alone Augur deserves attention.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.