WATCoin price soars 40% following Animoca Brands’ pledge to buy more tokens

Animoca Brands, the Hong Kong-based game developer and blockchain venture capital firm, announced on October 17 that it plans to purchase more WATCoin tokens from the open market. This move aims to support WATCoin’s role within the broader The Open Network (TON) ecosystem.

Following the announcement, WATCoin’s price surged by 40%, reflecting positive market sentiment driven by Animoca’s backing. This purchase further emphasizes Animoca’s commitment to the TON ecosystem, bolstering its potential in the blockchain space.

“Through the token purchase, Animoca Brands reinforces its commitment to WatBird’s role in supporting the broader TON ecosystem.”

Animoca Brands

While specifics regarding the timing and quantity of the WAT tokens to be purchased remain undisclosed, the announcement has already driven WAT’s price by 40% to $0.00039.

WATCoin, the utility token of the TON network and backed by TON Ventures, has recently experienced heightened volatility, with its price swinging by more than 140% in just a few days. While the token surged by over 85% in the past week, it remains down 64% from its all-time high reached earlier in September.

WATCoin is linked to WatBird, a mini app on Telegram developed by Animoca Brands’ subsidiary GAMEE. GAMEE’s expansion efforts have been bolstered by significant investments, including an undisclosed investment from Pantera Capital, a prominent California-based venture capital firm. This follows Pantera’s earlier, “largest investment ever” in the TON ecosystem in May 2024, reinforcing its confidence in the network’s potential, particularly following the impact of the FTX exchange collapse.