The asset’s market capitalization rose above $1.7 billion.
The cryptocurrency market has consolidated over the past 24 hours, with most leading digital assets posting mild gains or insignificant losses.
However, one rather unknown token skyrocketed over 100% in the past hour following a multi-million dollar initiative with former Italian Prime Minister Matteo Rizi.
What a pump
Enlivex Therapeutics (a clinical stage immunotherapy company) announced that it has entered into a securities purchase agreement for a private investment in public equity securities for the purchase and sale of 212 million shares of common stock at a price of $1 per unit.
The organization plans to use the proceeds to implement the first token treasury strategy for RAIN prediction markets. Speaking about this issue, Shai Novik, Chairman of the Board of Directors of Enlivex:
“We believe that upon completion of this transaction and implementation of the RAIN treasury strategy, Enlivex will become the first US-traded publicly traded company to provide investors with exposure to prediction markets, one of the fastest growing sectors in the crypto industry. RAIN’s decentralized protocol uses blockchain technology to allow participants to trade based on expectations of future events, and we believe it will become a dominant force in this growing market segment.”
RAIN – the native token of the RAIN Protocol – fell around 100% after the news, with its price hitting an all-time high of around $0.006974 (according to CoinGecko data). Its market capitalization exceeded $1.7 billion, making the asset the 65th largest in the entire sector and toppling altcoins such as Aptos (APT), Ondo (ONDO), Worldcoin (WLD), Official Trump (TRUMP) and others.
Meanwhile, Chairman Novik announced that Matteo Renzi (former Prime Minister of Italy, who served from 2014 to 2016) has joined the Enlivex Board of Directors.
What is RAIN?
Rain Protocol is a decentralized protocol built on Arbitrum that allows users to create options on numerous topics without permission. People can define their own markets and select the outcomes, as the entity’s vision is to enable maximum decentralization, transparency and control for every participant.
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The project’s native token is RAIN, which started trading in September this year. Some exchanges that offer trading services for the asset include MEXC, BitMart and BingX.
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