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A relatively unknown token, available on only a few exchanges, has been in the spotlight today and yesterday. After a period of flat trading, the token saw a dramatic shift this week. What’s going on?
Rain’s Price Action #
While the price of Rain remained nearly unchanged for two to three months, the token suddenly started rising yesterday. It’s a new cryptocurrency, having launched only in September. But Rain has been in the spotlight today and yesterday: it surged by nearly 100 percent in a single day. Over the past three months, the token has even risen by almost 180 percent.
Rain price chart. Source: CoinGecko
At launch, the token initially rose by about 100 percent, after which Rain was stuck in a consolidation pattern for months, until yesterday.
What Happened Yesterday? #
In a post on X, Gems Launchpad announced that Enlivex, a NASDAQ-listed company, is investing $212 million in Rain as a strategic reserve. Rain Protocol was launched earlier this year via Gems Launchpad.
Gems Launchpad is a blockchain-based platform that assists Web3 startups in their early stages, including by attracting capital and resources for promising projects. Holders of the platform’s token get priority in investing in such projects through private sales. Additionally, the platform guides new initiatives in their market introduction to avoid typical beginner mistakes.
Former Italian Prime Minister Matteo Renzi has also expressed his support for the Rain project.
This makes Rain one of the first Gems Launchpad tokens to receive high-level support from a NASDAQ-listed company. According to Gems Launchpad, they focus on projects that bridge the gap between Web3 and Wall Street.
What is Rain Protocol? #
Rain Protocol is a decentralized protocol for market predictions. A user can create a question, define the possible outcomes, and set the rules for how the predictions are settled.
Users can earn rewards by supporting a specific outcome of a prediction. Positions in this protocol are settled on the blockchain. You can earn rewards in multiple ways by participating in activities on this market.
From the revenue generated by predictions, Rain will use a portion to buy back tokens and burn another portion, helping the token retain more of its value.