PROS token spikes 145% after Animoca Brands announcement

The price of Prosper token has skyrocketed more than 145% in the past 24 hours after blockchain and game software company Animoca Brands announced it will purchase more of the platform’s native token.

On Oct. 9, Animoca Brands revealed its plan to acquire more PROS tokens, with these purchased on the open market.

Animoca Brands is a top investor in the web3 market, with its portfolio including crypto and blockchain projects such as Yuga Labs, Axie Infinity, Magic Eden, Polygon, OpenSea, and Dapper Labs, among others.

The market reaction saw PROS prices soar more than 145%, reaching highs of $0.69, with daily volume increasing over 1,090% to more than $26.3 million.

While PROS has surged significantly in the past 24 hours, its gains over the past week are around 70%. Notably, the token is still trading well below its all-time high of $9.61, reached in February 2021.

What is PROS?

Prosper aims to bridge institutional-grade Bitcoin (BTC) mining power, bringing it on-chain. The project eyes growth by unlocking the potential of Bitcoin’s hashrate and the broader BTC ecosystem.

PROS is the native utility token of the Prosper network, which provides exposure to Bitcoin mining. Its utility includes use for the decentralized autonomous organization, governance, treasury, and rewards.

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

With mining being key to 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.