Why is Arweave (AR) crypto rallying?

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Why is Arweave (AR) crypto rallying?

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 Why is Arweave (AR) crypto rallying?
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Highlights:

  • Arweave provides a decentralized storage network.
  • The AR token saw the highest price of US$30.54 last week.
  • The token is available for trading on exchanges like Huobi Global, Hoo, etc.

While the global crypto market slumped on Wednesday morning, the Arweave (AR) crypto moved in the opposite direction, rising by over 5%.  

The AR token's single-day trading volume jumped over 66%. In contrast, the global market fell 1.50% to US$1.81 trillion, but its volume rose 13.40% to US$103.23 billion in the last 24 hours.

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What is Arweave (AR) crypto?

Arweave is a decentralized storage network. It aims to provide a platform for indefinite data storage. It calls itself "a collectively owned hard drive that never forgets". The network hosts a permanent, decentralized web with community-driven platforms called "permaweb".

The native token of the Arweave network is AR. The miners use it as a payment service to store the network's information indefinitely. The project was first announced in August 2017 and was known as Archain. However, it later rebranded itself in February of the following year as Arweave and officially had its launch in June 2018. The project was founded by Sam Williams and William Jones.

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The project claims to offer incentives to miners for storing more data as they require to access random blocks to add new ones for rewards.

The AR token is available for trading on exchanges like Huobi Global, Hoo, Bilaxy, etc.

The AR token price declined 54.67% YTD while decreasing 27.3% in the last 30 days.

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Arweave (AR) crypto price and performanceData Source: CoinMarketCap.com

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Bottom line:

The AR token was priced at US$27.83 at 9:59 am ET on April 27, up 5.39%, while its volume for the trailing 24 hours jumped 66.26% to US$71.34 million. It has a market cap of US$929.76 million, and its fully-diluted market cap is over US$1.83 billion.

The token's max supply is 66 million, the total supply is 63.19 million, and its current circulating supply is over 33.39 million. It saw the highest price of US$30.54 and the lowest price of US$24.84 in the last 7 days.

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