LimeWire is a crypto content publishing platform on Algorand based on artificial intelligence.
It also has its own cryptocurrency, namely the LMWR token, which has been spiking in recent days.
The spike of LMWR, LimeWire’s crypto
LMWR only debuted in the crypto markets in May this year, with an absurd initial price of $1.9.
Since this initial price was really exaggerated, already the day after the launch the price had dropped to $0.5, and four days later it had even dropped below $0.15.
Probably the initial price did not really make sense, so much so that it is not worth taking it as a reference. Also because it later not only fell even below $0.07, but it later lateralized for a long time below $0.10 from June onward.
In fact still at the end of October it was below $0.09, but starting on 4 November it began a spectacular ascent.
First it rose to $0.15, then two days later above $0.25, finally surpassing $0.52 yesterday. At that point it had gained 420% in just three days, and in fact today it fell as low as $0.33.
The current value, however, is 280% higher than it was seven days ago, when it did not exceed precisely $0.09.
The reasons for the spike
There seems to be no solid reason behind this spike.
Even on 6 November, the LMWR/USDT exchange pair turned out to be the first ever by volume on KuCoin.
It is probably therefore FOMO, or a speculative spike, as would seem to be confirmed by today’s downward movement that brought it back from $0.52 to $0.33 in a few hours.
It should not be underestimated, however, that the spike occurred at $1.92 before the crypto markets went into trouble in June. However, while Bitcoin’s price recovered on 20 June, LMWR’s price continued to fall until mid-August.
Moreover, while the recent recovery of crypto markets began in mid-October, the price of LimeWire’s token continued to lateralize until 3 November.
This indicates quite clearly that LMWR’s price trend is not following the general trend of crypto markets.
LimeWire
In the last few days there has been no news to justify a +420% in just three days, although the project actually had some news.
In particular, the LimeWire AI platform in October recorded the highest number of visits since it has existed, exceeding one million.
It is possible that this spike is related to the boom that investments in Artificial Intelligence are having.
In fact just since 2 November there has been a new small boom in the traditional financial markets in AI-related stocks.
Taking Nvidia, which has been dragging the sector now since May, as a point of reference, just on 2 November the stock suddenly surged +2% at the opening of the stock markets, continuing its growth in the following days. In total to date it has gained 9% since 1 November, and 17% since 31 October.
LimeWire is a platform for content creators, artists, and brands to create communities. Creators can use it to create recurring revenue streams by giving fans exclusive access to their community.
In the middle of last year, the project raised $10.4 million in investment from investors such as Kraken Ventures, Crypto.com Capital, GSR, and Arrington Capital, although only in the past month the platform seems to have begun to take off.
Source: https://en.cryptonomist.ch/2023/11/09/boom-limewires-crypto-last-week/