Audius price prediction: Decentralised streaming may strike chord

A hacker has drained more than 18.5 million AUDIO tokens after passing a malicious proposal

Deadmau5 playing live with trademark Mickey Mouse-style headgear – Photo: Alamy                                 
Canadian house producer Deadmau5 is on the Audius advisory board – Photo: Shutterstock
                                

Contents

Audius, advertised as a decentralised, blockchain-based alternative to Spotify and other streaming platforms, was co-founded in 2018 by Roneil Rumburg and Forrest Browning, both based in San Francisco.

Since then, Audius has developed a strong reputation on the electronic music scene, boasting support from the popular electronic artists Deadmau5, Skrillex and The Chainsmokers.

Supporting this platform is the AUDIO token, an Ethereum-based cryptocurrency with a wide set of functions. In February 2022, Audius introduced AUDIO Rewards, a token-distribution venture aimed at “empowering” the artists being streamed on the Audius platform.

Below, we look into the main features of the AUDIO token, including price action, before checking out the Audius price prediction coverage. What is Audius (AUDIO)? Let’s find out.

How does Audius work?

Removing music from the equation, Audius can be looked at like a decentralised storage platform (like Storj) run by a network of nodes responsible for storing and relaying content and other necessary data. Nodes are split into two categories: Content and Discovery. The former stores and relays audio data while the latter stores data relating user profiles, playlists and followers.

While this blockchain-based ecosystem might sound complex, the Audius user interface works just like any other web application.

The AUDIO token has two primary functions in relation to these nodes. First, AUDIO is used for staking. Since Audius relies on these third-party nodes to operate, they must have a certain amount of skin in the game to deter malicious activity. In return for staking, node operators receive staking rewards through the issuance of new AUDIO tokens. The higher the stake, the higher the rewards.

Second, AUDIO token holders can partake in governance of the Audius protocol. Protocol changes can be proposed and voted on by AUDIO holders. The governance and staking functions of AUDIO are cleverly linked; users with the largest volume of AUDIO staked also have the greatest voting weight.

AUDIO: The tokenomics

AUDIO has a circulating supply of 725,865,017, with a token value of $0.3262. Market capitalisation is $236m, 16% of which ($37m) was traded over a recent 24-hour period. AUDIO is an inflationary cryptocurrency with no predetermined maximum supply.

To help keep inflation stable, AUDIO is vested over a six-year period which began on October 2020, although vesting schedules may be altered through governance proposals. Distribution is split between the community, investors, company and the foundation. 

Graph of AUDIO vesting schedule – Source: audius.org
AUDIO circulation steadily increases over time – Source: audius.org

Binance is the centralised exchange with the largest amount of trading pairs and liquidity, followed by Gate.io and Huobi Global.

AUDIO: Price action

AUDIO began a long-tail downtrend starting from late November 2021, when a high of $2.79 was seen on 23 November. Barring a sharp price swell on 27 December, AUDIO traded below the $2 line.

On 21 January 2022, AUDIO dipped below the $1 mark. For the first two weeks of March, AUDIO’s price oscillated between $0.82 and $0.68, but gained some momentum as March came to a close, hitting $1.48 on 5 April. 

Following multiple crashes, AUDIO fell to $0.2617 on 18 June, a new 16-month low. A brief rally ensued, roughly in line with broader crypto market activity, but largely traded sideways around $0.35. However, on 24 July, the following was announced on Twitter:

The hacker had assigned themself as the sole guardian of the contract by calling the smart contract function “initialize(),”, according to Twitter user @spreekaway.

As of 25 July, the token is currently trading at $0.3262, down 5% in a recent 24-hour trading window.

From the forecasters

WalletInvestor’s Audius price prediction for 2022 suggests the downtrend will continue, hitting $0.0363 by the close of December, suggesting “AUDIO is a bad long-term (one-year) investment”. General sentiment remains bearish.

PricePrediction’s Audius crypto price prediction expects the coin to break the $1 mark in September 2024, heading up to an average of $1.62 in 2025. The Audius price prediction for 2030 is $9.34.

An optimistic forecast can be found at DigitalCoinPrice – its Audius price prediction for 2025 remains in the $0.63 ballpark before heading up to only $1.52 by 2030. 

According to TechNewsLeaders Audius coin price prediction, the token could head up to $0.76 over 12 months, before reaching $3.30 in five years.

Bear in mind that those price targets were made using previous price action and do not take into account market volatility. Make sure to conduct further research into the project if you are considering an investment. Research could include independent financial advice and a comprehensive analysis of the project’s fundamentals.

FAQs

How many Audius are there?

There are currently 725,865,017 Audius tokens in circulation.

Is Audius a good investment?

Audius has potential. Some Audius price prediction targets are optimistic, while others are less so. Be sure to conduct further research if you are considering an investment.

Will Audius go up?

Most online forecasters believe that Audius will go up in price, although some AUDIO price predictions are more bullish than others. Keep in mind that the token could just as easily drop in value too. Always invest cautiously, backed up by appropriate due diligence checks.

Should I invest in Audius?

That decision should be reached after independent research and third-party financial advice. Never invest with more than you can afford to lose. Always remember that cryptocurrencies are highly volatile and never invest more than you can afford to lose.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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