PROS token spikes 145% after Animoca Brands announcement

The price of Prosper token (PROS) has surged over 145% in the past 24 hours following Animoca Brands’ announcement to purchase more of the platform’s native token. On October 9, Animoca revealed its intention to acquire additional PROS tokens from the open market. As a major player in the web3 space, Animoca Brands invests in various projects, including Yuga Labs and Axie Infinity.

This announcement triggered a dramatic increase in PROS prices, which peaked at $0.69, while daily trading volume soared over 1,090% to more than $26.3 million. Although PROS has gained about 70% over the past week, it remains significantly below its all-time high of $9.61, achieved in February 2021.

What is PROS?

Prosper aims to connect institutional-grade Bitcoin mining power to the blockchain, seeking to leverage Bitcoin’s hashrate and expand the BTC ecosystem. The PROS token serves as the native utility token of the Prosper network, facilitating governance, treasury functions, and rewards within a decentralized autonomous organization (DAO).

On October 9, Prosper announced efforts to unlock new utilities and opportunities for PROS holders. By focusing on decentralization, Prosper fosters a community that supports the Bitcoin network amid growing competition from dominant mining pools. Token holders can engage in governance through voting and earn rewards, along with partner benefits from the Bitcoin mining and web3 sectors.