SoSoValue, a crypto market knowledge supplier identified for its complete analytics and indices, noticed its newly launched token worth bounce 35.3% to $1.13 on the final verify on Saturday.
After launching on Jan. 24, the SOSO token hit an all-time excessive of $1.42. It at the moment has a 24-hour buying and selling quantity of $61.2 million.
This surge follows the corporate’s profitable $15 million Collection A funding spherical, which raised its valuation to $200 million. The spherical was led by SmallSpark.ai and HongShan, beforehand Sequoia China.
What’s going to proceeds go towards?
SoSoValue plans to make use of this funding to launch its indices protocol, a platform that may permit buyers to achieve publicity to a variety of main cryptocurrency belongings.
The platform will characteristic 4 new wrapped tokens—MAG7.SSI, MEME.SSI, DEFI.SSI, and USSI—designed to trace key sectors throughout the crypto market.
The SoSoValue Indices protocol will function on Base, an Ethereum (ETH) scaling answer backed by Coinbase, providing a streamlined funding expertise.
Moreover, SoSoValue formally launched on the Launchpool platform, kicking off a brand new mining occasion to have interaction the group and additional enhance its market presence.