Australian Startup Power Ledger’s Price Doubles During Week-Long SurgeNovember 21, 2017 4:16 pm
POWR token have more than doubled this week following a major announcement from Australian startup Power Ledger, Cryptocoinsnews reported Tuesday.
Power Ledger, the first Australian blockchain startup to launch an initial coin offering, raised AUD$34 million for its peer-to-peer energy marketplace, the report said.
Since POWR tokens began trading earlier this month priced at less than six cents, the trading price has increased exponentially, the report said. Last Tuesday, the Power Ledger price peaked at $0.705, representing weekly gain of 253 percent.
That price currently sits at $0.559 with a market cap of $195.2 million, Cryptocoinsnews reported.
The rally Monday was accompanied by a trading volume explosion with trading volume reaching $206.9 million in the past 24 hours, the report said, accounting for more than 2.6 percent of the cryptocurrency market’s total volume.
This accounted for POWR being the seventh-most traded cryptocurrency for the day, ranking it above market heavyweights including litecoin and dash.
The surge appears to have been led by the recent announcement Power Ledger will be participating in a government-funded blockchain trial, the report said.
The $8 million AUD trial will test the integration of blockchain technology into distributed energy and water systems, Cryptocoinsnews reported. The two-year project will use Power Ledger’s blockchain as the transactional layer for the renewable assets and will govern the ownership model for a community-owned battery.
Power Ledger is also currently participating in a blockchain trial with Origin, Australia’s largest retail energy provider. Moreover, the report said, the startup has also partnered with Indian information technology giant Tech Mahindra to establish several hundred microgrids within the country, a move intended to help the company expand its future services into emerging markets.
– WN.com, Jack Durschlag