Prosper (PROS) Token Skyrockets 145% After Animoca Brands Announces Purchase Plans

The price of Prosper token has skyrocketed more than 145% in the past 24 hours after blockchain and game software company Animoca Brands announced

Animoca Brands, a blockchain and game software company, is planning to purchase more of the PROS token, the native token of the institutional-grade Bitcoin mining power bridging platform Prosper.

The announcement was made by Prosper on Oct. 9, revealing that Animoca will be acquiring PROS tokens on the open market.

Animoca is a leading investor in the web3 space, with its portfolio spanning major crypto and blockchain projects such as Yuga Labs, Axie Infinity, Magic Eden, Polygon, OpenSea, and Dapper Labs, to name a few.

Following the news, PROS prices soared by over 145% to reach highs of $0.69, while daily volume also surged by more than 1,090% to reach over $26.3 million.

The recent surge in PROS prices marks an increase of around 70% over the past week. However, the token still trades significantly lower than its all-time high of $9.61, which was reached in February 2021.

Related: Animoca Brands to launch new NFT game in collaboration with Snoop Dogg

What is PROS?

The Prosper platform is designed to bridge institutional-grade Bitcoin mining power onto the blockchain. The project aims to achieve growth by unlocking the potential of Bitcoin’s hashrate and the broader BTC ecosystem.

The PROS token serves as the native utility token of the Prosper network, providing exposure to Bitcoin mining. It is utilized for the decentralized autonomous organization, governance, treasury, and rewards.

On Oct. 9, Prosper also disclosed that the platform is looking to unlock new utility and opportunities for PROS holders.

As mining plays a crucial role in the BTC network, Prosper aims to bring together a community that supports its decentralization via PROS. This initiative comes as the sector becomes increasingly competitive with a few mining pools growing more dominant. A redesigned approach allows for exposure to rewards that come with participation.

Token holders can contribute to the DAO’s governance through voting and earn rewards. There are also partner perks from players within the Bitcoin mining space and web3.

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