Why did Contentos (COS) price shoot up on Thursday night?
The price of Contentos (COS) shot up by over 30% yesterday (Thursday) night propelling its price from around $0.02631 to a high of $0.03381 in four hours.
The price has, however, pulled back to around $0.02706.
If you are entering the market now, you will still find it to be quite choppy because of last night’s movements. But what caused the huge COS price movements?
Below is a summary of the events that led to the price hike.
What Is Contentos?
Before we delve into the cause of yesterday’s price hike, it is important to first explain what Contentos is just in case it is your first time hearing about this blockchain and its token, the COS.
Contentos is a decentralized global content ecosystem that strives to incentivize content creation and global diversity and return the rights and value of the content to users. COS is its native token and it is a Binance Chain (BEP2) token.
Its vision is to build a decentralized digital content community that allows content to be produced freely, distributed, traded, and rewarded as well as protecting the rights of the author.
Contentos platform has features that include a P2P Revenue distribution system with a decentralized revenue system that keeps the value of creation open, transparent and returns rewards directly to users. Moreover, they have Decentralized traffic distribution that helps to compensate the users for their work and encourages them to share and promote content to the right audience.
Additionally, Contentos also has traceable copyright transactions which is a blockchain technology that helps to authenticate copyright and to fully track the transactions. It has also an immutable credit system that enables users to be responsible for their credit scores that are calculated based on every contribution they make.
One of the biggest apps in Contentos is its COS.TV, which is the first video platform to be powered by Contentos blockchain. Using this app, users can watch their favorite videos, share content, join the ecosystem with their friends and also get COS rewards
Why did Contentos (COS) price shoot up?
The main reason COS price shot up yesterday night was because of the announcement about their VEST Loans Bidding event, where they intend to allocate $50 million VESTS . The event is planned to take place over in two rounds.
The event is designed to allow users to get loans and earn high weekly BP voting rewards and it will only require users to deposit a certain amount of COS to bid.
The official announcement stated:
‘’It’s clear that the contents ecosystem is growing, and a $100 million market cap is relatively undervalued for the project. As such, it comes as no surprise that we’re seeing bullish momentum for Contentos as traders are flocking to the platform.’’
Earning VEST tokens for watching videos is a great model that was also used by crypto projects like the Steemit that was considered the pioneer of blockchain-based content platforms. This model incentivized user interaction.
Last week, the price of Contentos increased by over 30% due to their partnership with the Japanese NFT Entertainment and Experience project HUG HUG, as reported on Contentos.