tiktok
TikTok partners with crypto-powered music streaming platform Audius
According to Audius co-founder and chief product officer Forrest Browning, roughly 95% of users “have no idea that blockchain is even involved.”
Music-sharing protocol Audius became one of the first streaming platforms to partner with TikTok, allowing users to directly share tracks to the popular app.
In a Monday announcement, Audius said it had partnered with TikTok in the creation of a new feature called TikTok Sounds. According to a Rolling Stone interview with Audius co-founder and chief product officer Forrest Browning, the integration will allow users to export songs created with the protocol to TikTok with one click, in an effort to streamline the process.
Though Audius claims it seeks to leverage blockchain technology to reward content creators as well as increase transparency on payouts to artists, the integration with TikTok seems to be more about the music rather than pushing messages about cryptocurrency or decentralized finance. According to Browning, roughly 95% of Audius users “have no idea that blockchain is even involved.”
Approaching one billion monthly active users, TikTok reported in July that 75% of its users based in the U.S. discover new artists through the app. Audius now has roughly 5 million monthly active users after an October launch, with many of its governance tokens allocated to creators based on the number of streams they generate. TikTok does not currently allow users to receive performance royalties from streaming music, but instead offers opportunities for exposure and engagement with fans.
Related: Trading apps usurp TikTok in popularity
The integration is somewhat of a surprising move for TikTok given the app’s decision to ban cryptocurrency-based promotional content as well as “the promotion of all financial services and products” in July. Many users learned about the meme-based cryptocurrency Dogecoin (DOGE) from TikTok videos making the rounds last year.
Dogecoin Price Captures 24 Hour Double-Digit Gains Following Social Media Hype
The notorious dogecoin has been moving northbound in value once again climbing more than 17% during the last 24 hours and 32% over the course of the week. Currently, across social media platforms like Twitter, Tiktok, and Facebook, the hashtag #dogecointo1dollar has been trending. Meanwhile, a number of other meme-based digital assets that leverage the […]Social Media Giant TikTok Bans All Promotion of Crypto Assets
TikTok is banning all promotional content related to cryptocurrencies on its platform in an effort to create a safer and more positive environment for its users. In an updated version of its branded content policy, TikTok says it is prohibiting content that promotes financial products and services, including crypto. The policy update also involves content […]
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Tiktok Bans Users From Promoting Cryptocurrencies
Tiktok has banned its users from promoting all financial products and services including those related to cryptocurrency. The company also prohibits ads relating to cryptocurrency. Tiktok Prohibits Users From Posting Content Promoting Cryptocurrencies Social media platform Tiktok has banned content promoting cryptocurrencies and related products and services. The company’s “Branded Content Policy” states: All financial […]Not so safe? SafeMoon’s parabolic rally isn’t sustainable, traders warn
Traders say the Safemoon rally is not sustainable as the token sees massive volatility.
SafeMoon, the token on Binance Smart Chain widely recognized as the Tiktok meme coin, is seeing massive volatility after its massive gains in the past week.
According to the data from Dex.Guru, which tracks alternative cryptocurrencies on various blockchains, the price of SafeMoon dropped by nearly 50% in the last two days from $0.0000074 to $0.0000045.
Does the SafeMoon rally have any strength?
SafeMoon is a cryptocurrency on Binance Smart Chain that started out at a low market cap at around $50,000. The price and market capitalization of Safemoon went parabolic after growing popularity on TikTok.
On Dex.Guru, the price of SafeMoon rose from $0.00000029 to $0.0000074, by more than 2,200% in merely three weeks.
Whether there is any substance or fundamental catalysts behind the SafeMoon rally remains to be seen.
On April 22, the SafeMoon team announced that the cryptocurrency is being flooded with listing offers from large Asian exchanges.
The team said one exchange in Asia that is currently in talks with SafeMoon is the 36th biggest in the world.
The team said:
"#SAFEMOON is currently inundated with exchange offers, a large Asian exchange is imminently being announced... this will allow Asian communities to acquire Safemoon, the exchange has $857 MILLION 24 hour trading volume and is the 36th LARGEST in the world."
Nevertheless, traders emphasized the massive volatility of SafeMoon despite its relatively high liquidity compared to other tokens that are not listed on major exchanges.
Cantering Clark, a derivatives trader, said that the correction of SafeMoon restores balance in the universe, implying that the rally was not sustainable.
Woke up to see balance restored in the universe.
— Cantering Clark (@CanteringClark) April 21, 2021
Bye Safemoon players. pic.twitter.com/oUvlEd2JiS
Luke Martin, a well known cryptocurrency trader, also described the price trend of SafeMoon as "unSAFEMOON" after it dropped 65% in a short period on April 22.
unSAFEMOON pic.twitter.com/A5w4Y4v6U4
— Luke Martin (@VentureCoinist) April 21, 2021
One reason why rally might fade
SafeMoon rallied strongly within a period of a few weeks, surging from near zero to $5 billion in valuation at its peak.
Cryptocurrency researcher Larry Cermak noted that the SafeMoon livestream had 50,000 live viewers.
But Cermak also pointed out that if the interest around Binance Smart Chain persists, BSC could struggle to meet the surging user demand, which then could lead to higher fees that may drive away users.
He said:
"DeBank is saying that PancakeSwap had 700k unique addresses today and the SafeMoon livestream had 50k live viewers. Wtf is going on. I am very sure about one thing though - BSC won't be able to handle the current activity for much longer and will eventually be unusable. When ponzis start consistently losing money, people will lose interest too. Only question is what happens after that."
As Cointelegraph reported, PancakeSwap, the biggest automated market maker on Binance Smart Chain, overtook Ethereum's user activity as the demand skyrocketed at the peak of the SafeMoon rally.