🌎 Animoca Brands’ Token Purchase Boosts WATCoin by 40%

Animoca Brands, a prominent blockchain venture capital firm based in Hong Kong, has announced plans to purchase more WAT tokens from the open market. This strategic move has already propelled the token’s price up by 40%.

Animoca Brands’ Commitment to WATCoin

In an October 17 blog announcement, Animoca Brands emphasized its intention to support WATCoin’s role within The Open Network (TON) ecosystem by acquiring additional tokens. The company stated, “Through the token purchase, Animoca Brands reinforces its commitment to WatBird’s role in supporting the broader TON ecosystem.”

Although specific details regarding the timing and quantity of the WAT tokens to be purchased remain undisclosed, the announcement has had a significant impact on the token’s market value, driving its price up by 40% to $0.00039.

WAT Token’s Market Performance

Recent data indicates that WAT has been experiencing notable volatility, with price fluctuations exceeding 140% over the past few days. Despite gaining over 85% in the past week, WAT is still down 64% from its all-time high, which was reached earlier in September.

WATCoin serves as the utility token for the TON network and is backed by TON Ventures for WatBird, a mini app launched on Telegram by Animoca Brands’ subsidiary GAMEE.

Strategic Investments and Partnerships

In late August, GAMEE secured an undisclosed investment from Pantera Capital, a California-based venture capital firm, to expand its reach across multiple blockchain networks. This investment underscores Pantera Capital’s ongoing commitment to the TON ecosystem. Earlier in May, the venture capital firm announced its “largest investment ever” in the network, signaling strong confidence in TON’s potential despite the challenges posed by the fallout from the bankrupt FTX exchange.