PROS token spikes 145% after Animoca Brands announcement

The price of the Prosper token has increased by more than 145% in the last 24 hours after blockchain and gaming software company Animoca Brands announced that it would purchase more of the platform’s native token.

On October 9, Animoca Brands announced its plan to acquire more PROS tokens to be purchased on the open market.

Animoca Brands is one of the top investors in the web3 market, with its portfolio including crypto and blockchain projects such as Yuga Labs, Axie Infinity, Magic Eden, Polygon, OpenSea, and Dapper Labs, among others.

The market response saw PROS prices rise more than 145% to $0.69 and daily volume increased by over 1,090% to over $26.3 million.

Although PROS has increased significantly in the last 24 hours, its gains over the past week are around 70%. Notably, the token is still trading well below the all-time high of $9.61 reached in February 2021.

What is PROS?

Prosper aims to bridge the mining power of Bitcoin (BTC) at the institutional level and connect it to the chain. The project aims to grow by unlocking the hashrate potential of Bitcoin and the broader BTC ecosystem.

PROS is the native utility token of the Prosper network that provides access to Bitcoin mining. Its utility includes use for decentralized autonomous organization, governance, treasury and rewards.

On October 9, Prosper announced that the platform is working to unlock new services and opportunities for PROS holders.

Since mining is key to the BTC network, Prosper aims to bring together a community that supports decentralization through PROS. This initiative comes as the industry becomes increasingly competitive, with a few mining pools becoming more dominant. The redesigned approach provides exposure to the rewards that come with participation.

Token holders can contribute to the governance of the DAO through voting and earn rewards. There are also common advantages of Bitcoin mining space and players in web3.