The altcoin native to a decentralized education platform experienced a remarkable surge of more than 117% this week following the news of a web3 company’s intention to acquire the token.
At the time of writing, Open Campus’ governance and utility asset, EDU, is currently trading at $1.10, a significant increase from its seven-day low of $0.505. Moreover, this crypto asset, ranked 252nd, has also seen a rise of over 12% in the past 24 hours.
Open Campus has set out to create an ecosystem that connects learners, educators, content creators, and educational institutions, as outlined in their whitepaper. The EDU Chain, described as the “first layer-3 blockchain built for education,” is the cornerstone of their vision.
The surge in the price of EDU can be attributed to the announcement made by Animoca Brands, a web3 and blockchain gaming company, stating their plan to acquire more EDU tokens through open market transactions. Animoca Brands expressed their solid support for Open Campus and the EDU Foundation, particularly emphasizing the upcoming EDU Chain, which is specifically designed to cater to the global education industry. This industry is projected to reach a value of $8 trillion by 2030.
Open Campus has also revealed its plans to sell principal nodes for the EDU Chain, with the specific dates to be disclosed next month. Principal node operators will be rewarded for their role in validating transactions on the EDU Chain.
Despite the price surge witnessed this week, EDU is still more than 34% below its all-time high of $1.67, reached in April 2023, according to CoinGecko.
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