What is RadioShack (RADIO) crypto and why is it rising?

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What is RadioShack (RADIO) crypto and why is it rising?

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 What is RadioShack (RADIO) crypto and why is it rising?
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Highlights 
  • Tech retail chain RadioShack announced to enter the crypto market in 2021.
  • It aims to bridge the gap between mainstream blockchain functions and cryptocurrencies.
  • The RADIO token has a market capitalization of US$9.1 million, with 161 token holders.

The RadioShack (RADIO) token jumped 3.26% to US$0.02803 at 5:11 am ET on Thursday after announcing on Twitter that it could be added to the Apple stock app's watchlist. However, its trading volume declined about 18% in the last 24 hours after the positive updates.

Apple’s stock app helps track market activity, such as stock performance, latest business news, etc. According to RadioShack, users can obtain updates on the token through the Apple app. 

Background:

RadioShack, a tech retail chain, announced to enter the cryptocurrency space last year. In December 2021, the tech retailer said it aims to be the first protocol to bridge the gap between mainstream blockchain functions and cryptocurrencies. 

RadioShack claims to be a 100-year-old brand recognized in more than 190 countries. But despite its long market presence, its financial position hasn’t been sound. It filed for bankruptcy protection in 2015 and 2017. In 2020, it was acquired by Retail Ecommerce Ventures. 

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What is RadioShack?

RadioShack, a cryptocurrency swap platform, aims to be a go-to protocol for crypto projects of mainstream brands. Its objective is to promote DeFi usage by individuals and large companies.  

According to RadioShack, it will first fix the issues surrounding "liquidity addition" on AMMs, which is to increase the liquidity per pair using the Starfish Topology. This single large node combines all swappable pairs. 

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The Starfish Topology will allow the RADIO token node to be the central large degree node, thereby boosting the token’s utility. 

The demand for RADIO tokens increases when more tokens are added to Starfish Topology. The token swapping becomes more efficient in the ecosystem when tokens are locked in more pools.

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What is RadioShack (RADIO) crypto and why is it rising?Data Source: coinmarketcap.com

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RADIO token:

The RADIO token has a market capitalization of US$9.1 million. Out of the total supply of 1.01 billion tokens, its self-reported circulating supply is 324.7 million.

The token can be traded on crypto exchanges like RadioShack (Avalanche), RadioShack (Polygon), RadioShack (Ethereum), MEXC, BitMart, etc. 

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Bottom line:

RadioShack’s top 100 token holders account for 69% of the total holding value, unlike other tokens whose total holding value of the top 100 is usually 90% or more. RadioShack currently has 161 token holders. In the case of Bitcoin (BTC) and Tether (USDT), the top 100 holders roughly account for around 14% and 60% of the total holding value.

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