WATCoin Price Jumps Forty Percent After Animoca Brands Announces Token Purchase

WATCoin's price surged by forty percent following a pledge from blockchain venture capital firm Animoca Brands to buy more tokens from the open market.

In an announcement on October 17, Hong Kong-based Animoca Brands revealed its intention to acquire additional WATCoin tokens to enhance the token's role within The Open Network (TON) ecosystem.

While the company has not disclosed specific details regarding the timing or quantity of the tokens to be purchased, the news has already driven WAT's price up to $0.00039.

Price data indicates that WAT has been highly volatile recently, with fluctuations of over one hundred forty percent in just a few days. Despite a more than eighty-five percent gain over the past week, WATCoin remains sixty-four percent below its all-time high reached in early September.

WATCoin serves as the utility token for the TON network and is supported by TON Ventures for WatBird, a mini app launched on Telegram by GAMEE, a subsidiary of Animoca Brands. In late August, GAMEE received an undisclosed investment from Pantera Capital, a California-based venture capital firm, aimed at expanding its reach across various blockchain networks.

This investment underscores Pantera Capital's ongoing commitment to the TON ecosystem, as it previously announced its “largest investment ever” in the network in May, demonstrating confidence in TON’s potential despite the challenges posed by the recent FTX exchange bankruptcy.