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What Is Arweave (AR) Crypto And Why It's Up 98%

May 14, 2021 7:41 am
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What Is Arweave (AR) Crypto And Why It's Up 98%

Arweave (CRYPTO: AR) — a cryptocurrency project dedicated to permanent data hosting — saw significant price growth earlier today ahead of its listing on the world's top crypto exchange.

What Happened: According to CoinMarketCap data, Arveave grew by over 97.77% from its 24-hour low of $25.17 to a high of $49.78 before correcting to its current price of $40.84 as of press time.

This major price movement follows an announcement by cryptocurrency exchange Binance that it will list Arweave, facilitating its trading against Bitcoin (CRYPTO: BTC), Binance Coin (CRYPTO: BNB), Binance USD (CRYPTO: BUSD), and USDT (CRYPTO: USDT).

See also: Cardano, Dogecoin Spike As Bitcoin, Ethereum Lose Momentum On Elon Musk, Binance Jolts

Arweave is a decentralized data storage solution aiming to ensure that all the data is easily available and accessible indefinitely.

This network is the basis for what its team calls the "permaweb" — a permanent decentralized web that hosts several community-driven applications and platforms. The AR token is used to reward miners who share and save all that data and to pay to store any new data.

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