$AUDIO | Audius | Published Dec 31, 2023
Website link: https://audius.co/
Overview: Audius is a decentralized blockchain based music streaming application that is built on both Ethereum and Solana. The backend data piece and governance both run in a form of Ethereum, while the monetization layer runs on Solana.
- Audius is the leading blockchain based music streaming platform existing among very few competitors in the blockchain music space (Opulous and Gala Music). Should the market see a blockchain music narrative, Audius should be the primary benefactor and speculative vehicle.
- Audius has already seen large valuations (over $1.25B market cap last cycle). Last cycle this was achieved despite highly inflationary token emissions, whereas now $AUDIO tokens are 98% circulating.
- Solana has been a hot narrative lately and the backend of Audius is built on Solana. Additionally, $AUDIO tokens have been bridged from Ethereum to Solana via wormhole and are now available on both Ethereum (Uniswap) and Solana (Jupiter).
- $AUDIO is listed on nearly every centralized exchange in existence, including all the majors (Binance, Coinbase, Kraken). This widespread listing of $AUDIO pulls a large amount of its circulating supply into liquidity making it more accessible to retail investors, more sensitive to spikes in demand, and creates high amounts of volume as arbtrageurs have more opportunities across more exchanges.
- The $AUDIO chart looks strong and poised to run should the bullish market sentiment in crypto continue. Of course, if BTC were to crash expect downside in altcoins like $AUDIO.
As mentioned $AUDIO can be purchased on-chain via Uniswap or Jupiter and on almost any exchange. While we believe $AUDIO is well-positioned to capture upside from a blockchain music narrative, centralized platforms like Spotify and Soundcloud still have a huge moat and advantage.
Therefore we believe $AUDIO should be seen as a multi-week to multi-month swing trade vs a multi-year investment. As always, it’s smart to take initial investments out after a 2x, making the rest of the trade a free-roll.