Decentralized storage solution arweave's native token surges 60% on meta integration

CoinDesk Analysis Team CoinDesk

AR, the native token of blockchain-based data storage solution Arweave, surged as Facebook and Instagram's parent company Meta (FB) said it will utilize the Web3 platform to archive their creators' digital collectibles.

The cryptocurrency has jumped more than 60% from $10.5 to $16.6 in the past 24 hours, according to data source Messari. The rally has boosted the cryptocurrency's market cap to $838 million, making it the third-largest Web3 token worldwide.

Stephane Kasriel, head of commerce and financial technologies at Meta, disclosed the Arweave integration on Twitter late Thursday.

The integration means Instagram users can now issue digital collectibles for their posts, stored on Arweave, the Web3 platform's CEO and co-founder Sam Williams tweeted.

In other words, Meta is bringing data permanency to its platform with the help of decentralized storage technology. It's no surprise that native tokens of other Web 3 data storage platforms like Filecoin and Storj have gained 10% and 25%, respectively.

Arweave allows users to retain information forever. The data, once entered, cannot be altered. Users need to purchase the storage space by paying the AR token.

Potential users range from individuals looking to archive a favorite photograph or another blockchain seeking additional storage for its transaction history.

Early this year, the censorship-resistance platform was reportedly used to archive millions of documents from war-hit Ukraine and store the aggressor Russia's misinformation and propaganda.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

XRP consolidates as inflows and volume climb

Ripple (XRP) retains a slightly bullish outlook on Wednesday despite logging a minor correction from the supply range near $1.15. The remittance token is down 0.5% on the day, reflecting a broader cryptocurrency market drawdown, primarily driven by persistent geopolitical tensions between the United States (US) and Iran in the Middle East.

Bitcoin Price Prediction: BTC recovery holds as ETF inflows persist

Bitcoin (BTC) trades slightly lower around $66,000 on Wednesday as tensions in the Middle East escalate further. Still, the Crypto King is up over 2.5% so far this week.

South Korea crypto volumes shrink as retail investors shift to stocks

South Korea’s major crypto exchanges have seen their trading activity fall sharply over the past year as the country’s stock market surged, suggesting retail speculative interest may be shifting toward equities, Cointelegraph analysis shows.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure and traditional finance, according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.