The cryptocurrency market has consolidated in the past 24 hours, with most leading digital assets registering mild gains or insignificant losses.
However, one rather unfamiliar token skyrocketed by more than 100% in the past hour following a multi-million dollar initiative featuring the former Italian Prime Minister Matteo Renzi.
What a Pump
Enlivex Therapeutics, a clinical-stage immunotherapy company, announced that it has entered into a securities purchase agreement for a private investment in public equity for the purchase and sale of 212 million ordinary shares at a price of $1 per unit.
The organization plans to use the proceeds to implement the first RAIN prediction markets token treasury strategy. Speaking on the matter was Shai Novik, Chairman of the Board of Directors of Enlivex:
“We believe that following the closing of this transaction and the implementation of the RAIN treasury strategy, Enlivex will become the first U.S.-traded public company to provide investors with an exposure to prediction markets, one of the fastest-growing sectors in the crypto industry. RAIN’s decentralized protocol uses blockchain technology to let participants trade on expectations of future events, and we believe it will become a dominant force in this expanding market segment.”
RAIN – the native token of the RAIN Protocol – shot up by roughly 100% after the news, with its price reaching an all-time high of approximately $0.006974. Its market capitalization exceeded $1.7 billion, making the asset the 65th-biggest in the entire industry and flipping altcoins like Aptos (APT), Ondo (ONDO), Worldcoin (WLD), Official Trump (TRUMP), and others.
Meanwhile, Chairman Novik revealed that Matteo Renzi, former Prime Minister of Italy who served from 2014 to 2016, has joined the Board of Directors of Enlivex.
What is RAIN?
Rain Protocol is a decentralized protocol built on Arbitrum that enables users to create options on numerous subjects without permission. People can define their own markets and select the outcomes, as the entity’s vision is to allow maximum decentralization, transparency, and control for each participant.
The project’s native token is RAIN, which began trading in September this year. Some exchanges that offer trading services for the asset include MEXC, BitMart, and BingX.