Even in the fast-paced and fast-changing world of cryptocurrency, the rise of Vibe in the last 24 hours is astonishing.
The live music-centric digital currency has seen its value explode 400% in the last day to $2.34, as of mid-morning Wednesday. That puts the price per coin above Ripple, though the overall market cap is still notably lower.
Vibe currently has a market cap of $405 million, according to CoinMarketCap. That’s low in the big picture, but the coins just began trading in October. Not familiar with the platform? Here’s a quick primer.
What is a Vibe token?
Vibe tokens tie in with Viberate, a platform that acts as an IMDB of sorts for live music. Performers are ranked based on their online popularity. Tokens can be used to purchase merchandise or get access to music industry contacts. Eventually, they are expected to be accepted for ticket purchases.
What’s the buzz?
Vibe’s initial coin offering (ICO) made history by selling out in less than 5 minutes, raising $10 million in the process. Among its backers is Charlie Shrem, one of the most visible members of the Bitcoin community.
What caused the surge?
The Binance exchange added Vibe to its trading options, giving the cryptocurrency an added dose of credibility. Buyers jumped in, pushing Vibe into the Top 100 of all digital coins being traded.