Animoca Brands to Buy More WAT Tokens, Propelling the Token's Price Up by 40%

Hong Kong-based game developer and venture capital firm Animoca Brands is planning to buy more WATCoin tokens from the open market to support WATCoin's (WAT) role in the broader The Open Network ecosystem.

Animoca Brands, a venture capital firm in the blockchain industry, announced plans to purchase additional WAT tokens from the open market. This news led to a 40% surge in the price of WATCoin (WAT).

Animoca Brands, a game developer and venture capital firm based in Hong Kong, disclosed plans to acquire more WATCoin tokens from the open market in a blog announcement on October 17. This move aims to support WATCoin’s role within the broader The Open Network (TON) ecosystem.

"With this token purchase, Animoca Brands furthers its support for WatBird's role in uplifting the broader TON ecosystem."

Animoca Brands

The announcement does not specify the timing or quantity of WAT tokens to be purchased, but the news has already propelled WAT's price by 40% to $0.00039.

According to data from price aggregators, WAT has been a volatile token recently, experiencing pumps and dumps of over 140% in the past few days. The token has gained over 85% over the past week but remains 64% down from an all-time high reached earlier in September.

WATCoin is a utility token on the TON network, backed by TON Ventures for WatBird, a mini-app launched on Telegram by GAMEE, a subsidiary of Animoca Brands. In late August, GAMEE received an undisclosed investment from Pantera Capital, a California-based venture capital firm, to expand its presence across multiple blockchain networks.

That investment marked Pantera Capital's continued interest in the TON ecosystem, following its "largest-ever investment" in the network in May. The firm expressed confidence in TON's potential amidst the fallout from the bankrupt FTX exchange.