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.
Today we’re launching our pilot program of the Arweave Name System (ArNS) – a Smartweave based directory of friendly subdomains enabled by https://t.co/ljKQFJO6vN gateways on the @arweaveteam permaweb!
🧵 1/3 pic.twitter.com/62tQDABgyz
— 🐘🔗ario.arweave.dev (@ar_io_network) June 29, 2022
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.