ABT token surges 20 following ArcBlocks introduction of innovative staking feature
ArcBlock’s native token, ABT, made a notable leap of over 20% within the past day, surging to a peak of $0.31 before retracing to $0.25.
During the last 24 hours, the price of ArcBlock’s token (ABT) soared by more than 20%, starting at $2.26 and reaching an intraday high of $2.74 before settling at $2.55 at present. This increase signifies an almost 13% rise during the same duration.
The spike in ABT’s value was coupled with a substantial surge in trading volume, shooting up by more than 450% to hit $8.3 million in the past 24 hours, in contrast to the previous day’s $1.43 million. This surge in activity also propelled the token’s market capitalization to $251 million.
Despite its recent gains, ABT still lags by 44% from its record high of $4.7, recorded on May 22. At present, ArcBlock has about 98.5 million circulating ABT tokens out of a total supply of 186 million.
ArcBlock’s platform merges blockchain technology with cloud computing to streamline the creation and launch of decentralized applications (dApps). The ecosystem is crafted to be user-friendly and cost-effective, accommodating an array of services, components, and applications. As an ERC-20 token, ABT primarily functions as a payment method within this system.
A crucial aspect of ArcBlock’s ecosystem is its AI apps engine, AIGNE, which simplifies access to extensive language models and generative AI technologies. This engine enables users to construct complete applications utilizing AI without the need to code, making it accessible to a wider audience.
In a related development, the recent surge in ABT’s price could be linked to ArcBlock’s announcement on July 1. The company unveiled a significant update to its Blocklet Store, introducing a “Stake to Publish” feature.
According to the ArcBlock team, staking ABT ensures quality, as malicious parties risk losing their stake by disseminating spam or malware through published Blocklets.
This update is viewed as a step to fortify the platform’s security and quality, likely fostering heightened investor interest and confidence.
While ArcBlock is showcasing strong performance, the broader cryptocurrency market is confronting a downturn. The global market cap sits at $2.26 trillion currently, with the Fear and Greed Index—showing investor sentiment—indicating a neutral stance at 48.
Bitcoin, the leading cryptocurrency by market cap, has also witnessed a slide, with its price dropping by 3% to $60,967 at the time of this report.
