Arweave Leads Gainers After The Launch Of Arweave Name System

Arweave

Arweave, on June 29 announced the launch of its decentralized, censor resistant naming system, ArNS. Since then, its token, AR has seen a boost.

Arweave is the top performing coin on Friday, July 1. The cryptocurrency is currently trading at $10.39 at the time of reporting, a 13.9% gain over the past 24 hours. Data available at Coinmarketcap shows that AR is one of a handful of coins that have made up to 10% gain within this period.

Other coins that have made substantial gains are Curve DAO Token (CRV), 9.11%, Basic Attention Token (BAT), 9.84% and Cosmos (ATOM), 12.26%.

BTC gained 1.11% in the past 24 hours, trading at $19.375. Ethereum gained 3.2%, trading at $1,067. Binance Coin (BNB) gained 1.02% at $216, while  at $33, Solana gained 1.44%, summarizing the top coins that made modest gains. Others like Cardano (ADA) and Ripple (XRP) lost 0.17 and 2.26% respectively.

Arweave Market Action

Arweave is currently ranked #86 according to market capitalization. Its market cap is $347 million while its volume in the past 24 hours has seen a boost of 86%, rising to $52 million.

The coin’s performance today. July 1, may be linked to its recently launched Arweave Name System (ArNS). According to a release by the network, it is a

“Smartweave based directory of friendly subdomains enabled by http://AR.IO gateways on the @arweaveteam permaweb!”

The team describes it as a decentralized and censor-resistant naming system.

AR/USD Chart

The 5-days chart shows that AR price has formed a support at $8.29 on June 30, before the recent bounce 24 hours later. Its high is $10.46 at 2.10 PM, July 1.

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Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

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