The TOWER token has exhibited significant growth of 102% following a buyback announcement from Animoca Brands. This news has further fueled investor interest, especially given the recent success of games associated with this token.
Animoca Brands Token Buyback Announcement
On August 5, Animoca Brands CEO Yat Siu announced plans for the company to buy back an undisclosed amount of tokens from this gaming project's ecosystem. This decision follows previous buyback efforts for another company project, Cross The Ages.
"Web3 gaming is alive and important to the development of on-chain economies. Just as we announced with $CTA earlier in the year, we are going to buy $TOWER in the open market," said Siu in his recent post.
Current Market Activity for TOWER
After the buyback announcement, the TOWER token displayed a sharp increase of 102% in the past 24 hours, peaking at $0.00093. Currently, the token is trading 99.36% below its all-time high of $0.14. Over the past week, TOWER has risen by 60.3%, and over the past two weeks by 40.9%.
Daily trading volume for the token has also seen a significant increase. According to CoinGecko data, trading volume for TOWER rose by 241.9% compared to the previous day, indicating a surge in market activity following the buyback news.
Functionality of TOWER Token in Games
TOWER serves as a utility and governance token for the Crazy Kings and Crazy Defense Heroes mobile game series developed by Animoca Brands. The token is used for various purposes within games, including purchasing and upgrading NFTs, governance, play-to-earn, and staking and rewards.
The surging price of the TOWER token highlights growing investor interest in web3 gaming and the open market. However, questions remain about the sustainability of this growth wave and the necessity of supporting liquidity and demand for the token in the future.
