Arweave is a unique cryptocurrency project which is gaining popularity across the world. The project is also growing in value and achieving incredible growth. As a result, many crypto enthusiasts are wondering if they should invest in Arweave.
However, is that a good idea?
Let’s find out more.
What is Arweave?
Arweave is a project that allows users to store data permanently. The platform is also decentralized, meaning you need no intermediary to manage the processes. Instead, the project uses blockchain technology to provide its services.
Arweave pays users to store data on their hard disks. It connects people looking for storage space to users who are ready to host data.
Therefore, the project benefits both parties.
Additionally, Arweave is working on a technology called permaweb. It is a global web space where you can host your websites and apps. However, just like the project, the data will remain permanently.
Arweave has also come to the attention of investors. The company has $22 million in funding and more than 15 investors supporting the project.
What is the AR Token?
AR is the native token on the Arweave platform and powers its services. The company issued 66,000,000 AR tokens during the ICO. The tokens help the governance of the platform and pay for contributors and the team.
In addition, Arweave reserved tokens for its ecosystem, advisors, and future developments.
AR token holders enjoy several perks like a share of fees earned by the platform and they can also have a say in the development of the project.
AR Price Analysis
AR token has a rank of 61 among cryptocurrencies worldwide. It generated quite a buzz even before its launch. As a result, the price of AR tokens increased by more than 97.77% to reach $49.78 in the initial days.
AR is currently trading at $44.21, with a decline of 13.6% in value in the last 24 hours. However, the token opened the day at $52.65 and then took a downturn.
AR has also performed unsatisfactorily in the last week; it decreased 17.1% in price in the past seven days.
The downturn was visible even over the past 14 days, with a negative growth of 32.6%.
Consequently, the monthly performance of AR is more encouraging. It recorded a growth of 58% in the last 30 days.
In addition, the token increased by 1,462.8% in value over the last year. It also recorded its all-time high of $73.73 on September 10, 2021.
Therefore, it is not wise to dismiss AR so early in the race; experts believe it can bring good returns for investors. According to CoinGecko, AR tokens have a 5,908.7% return on investment.
As a result, AR holds a lot of promise in the long run.
Arweave is an innovative project in the crypto space. AR tokens are also performing well, in spite of the short-term volatility. It can be a good option to invest, but you should always study the risks of investing in crypto. Additionally, keep updated on the trends to make an informed decision.