Thursday, January 11, 2018

The sounds of music and money as Vibe becomes latest cryptocurrency to explode out of nowhere to climb more than 400% in a day

As the cryptocurrency sphere seeks to tokenize just about everything under the sun, one in particular has tied itself to the music industry.

Known as VIBE, this crypto acts as the IMDB for live music performances.  And on Jan. 10, the cryptocurrency for no real reason suddenly exploded in price to $2.34, and up 400% in a single day.

Even in the fast-paced and fast-changing world of cryptocurrency, the rise of Vibe in the last 24 hours is astonishing. 
The live music-centric digital currency has seen its value explode 400% in the last day to $2.34, as of mid-morning Wednesday. That puts the price per coin above Ripple, though the overall market cap is still notably lower. 
Vibe currently has a market cap of $405 million, according to CoinMarketCap. That’s low in the big picture, but the coins just began trading in October. Not familiar with the platform? Here’s a quick primer. 
Vibe tokens tie in with Vibehub, a platform that acts as an IMDB of sorts for live music. Performers are ranked based on their online popularity. Tokens can be used to purchase merchandise or get access to music industry contacts. Eventually, they are expected to be accepted for ticket purchases. 
Vibe’s initial coin offering (ICO) made history by selling out in less than 5 minutes, raising $10 million in the process. Among its backers is Charlie Shrem, one of the most visible members of the Bitcoin community. - Fortune

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