Augur (REP) Gains 115% for Quarter – Prime Political Use Case on Horizon
In the same month that Coinbase commenced trading for Augur (REP), the coin price almost doubled. The prediction market platform is currently up 115% for the previous quarter, and over 330% since December. And all of this is before the stage is even set for what could prove to be Augur’s prime use case in the coming year – predicting political outcomes.
Augur (REP): A Political Animal
The Augur platform saw a huge influx of bets in the run up to the U.S midterm elections at the end of 2018. In November, the question of which political party would control the House saw over half a million staked one way or the other.
Now, in the run up to the 2020 elections, as Democratic hopefuls like Andrew Yang and Pete Buttigieg compete for a chance to run against Donald Trump, Augur is awash with political wagers once more.
There are currently bets placed on whether Yang and Buttigieg will have a certain amount of Twitter followers by a specified date. Bets are already open on whether Donald Trump will be re-elected in 2020 (56% Yes), and bets remain open until the end of 2019 regarding whether or not Trump will be impeached (13% Yes).
Yet, the total amount of funds staked on Augur’s markets is down considerably since last year, when thousands of ETH were placed on single bets. The bet with the highest stake at time of writing has just over 5 ETH placed on it, possibly due to the decline in the value of ETH.
Augur Price – REP/USD
Augur’s niche role as a crypto gambling platform will only be helped by its recent addition to Coinbase, where it now trades alongside pillars of the crypto community like Bitcoin, Litecoin, etc.
Coinbase announced towards the end of 2018 that it would be ‘exploring support’ for over 30 cryptocurrencies, including Augur. The mere suggestion of making it to the exchange subsequently helped Augur embark on a 330% price surge between December and April. That took REP’s value from $5.49 to $23.65.
As is often the case, the value of the REP token surged heavily right up until the date of the Coinbase announcement – before immediately plunging from $25 back down to $17 when the news actually landed.
As of Monday, April 22nd, the token once again crossed the $23 barrier with 17% growth overnight. That took the unit valuation from $20.20 up to $23.65, before a pullback to the mid-$22 range.
While the surge could be explained as being a rebound from the recent drop to $17, a massive spike on Bithumb, which has now been excluded from market readings, may also have played a part. (Also note the mass of new buys directly from USD on Coinbase Pro).
Augur is now one of the best performers of 2019, and is just 5x away from its all-time high to date. Regardless of current price performance, expect to see Augur utilized more frequently in the coming year as the political process gets under way.
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.