WATCoin price soars 40% following Animoca Brands’ pledge to buy more tokens

Blockchain venture capital firm Animoca Brands said it plans to purchase more WAT tokens from the open market, increasing the price of the token by 40%.

Hong Kong-based game developer and venture capital firm Animoca Brands announced in an Oct. 17 blog announcement that it plans to purchase more WATCoin tokens on the open market to support WATCoin (WAT)’s role in the broader The Open Network ecosystem.

“Through the token acquisition, Animoca Brands strengthens its commitment to WatBird’s role in supporting the broader TON ecosystem.”

Animoca Brands

While details regarding the timing and quantity of WAT tokens to be purchased were not disclosed, the announcement has already increased the price of WAT by 40% to $0.00039.

WAT token price | Source: CoinMarketCap

Data from price aggregators show that WAT has become an increasingly volatile token lately, pumping and dumping more than 140% in the last few days. Although the token gained over 85% in value last week, it is still down 64% from its all-time high reached in early September.

WATCoin is a utility token backed by TON Ventures for WatBird, a mini-app based on the TON network and launched on Telegram by Animoca Brands subsidiary GAMEE. In late August, GAMEE received an undisclosed investment from Pantera Capital, a California-based venture capital firm, to expand its reach across multiple blockchain networks.

This investment was a demonstration of Pantera Capital’s ongoing commitment to the TON ecosystem, which was announced in early May; The venture capital firm announced its “largest investment ever” in the network, underlining its confidence in TON’s potential amid the fallout from the collapsed FTX exchange.