What kind of demon coin is RARE with a two-week increase of over 500%?

RARE 1h Chart

Since August, the overall cryptocurrency market has been in a wide range of shocks, with a lack of obvious hotspots. In this market, RARE has become the most eye-catching pearl in the market.

RARE has soared from around $0.06 on August 5 to above $0.3 in the past two weeks, with a peak increase of over 500%. The spot price of RARE has been rising steadily, but there is no apparent positive news about the RARE token in the market. The perpetual contract of RARE has been in a high funding rate state during the uptrend, and the phenomenon of contract squeezing is evident.

About RARE Token

RARE is a token issued by the NFT trading platform SuperRare. It was issued on August 18, 2021, with an initial price of $0.1 and a maximum supply of 1 billion tokens.

The purpose of SuperRare’s governance token is to gradually transfer ownership and management of the network to the community. The following is the initial distribution of RARE tokens:

• Airdrop - 150,000,000 RARE (15%, unlocked), distributed to the core community of artists and collectors, airdropped tokens can be claimed within 90 days after the launch of RARE, unclaimed tokens will be reallocated to the community treasury. The distribution of the airdrop is based on a combination of the Gross Merchandise Value (GMV) and the number of artworks bought/sold. This takes into account the total trading volume (calculated in ETH) as well as the number of artworks traded.

-Community Treasury - 400,000,000 RARE (40%), reserved by the Community Treasury Department, will be owned and operated by RARE holders. The Community Treasury will initially be held by the DAO Stewardship Committee and the RARE tokens held in the DAO Treasury are eligible for use in the interests of the SuperRare DAO, subject to necessary governance procedures. 25% of the DAO Treasury (1 billion RARE) will be immediately activated (August 17, 2021), with the remainder linearly vested over 4 years.

-Super RareLabs - 255,000,000RARE (25.5% of the total supply), released linearly over 3 years after a 6-month lock-up period;

-Investors - 145,000,000 RARE (4.5%), released in 3 years after 12 months lock-up period;

• Partners & Future Contributors - 50,000,000 RARE (5%), the RARE allocated from this pool will be granted to those who help launch the SuperRare network and future employees. The $RARE allocated to strategic partners and future contributors will be attributed on a case-by-case basis according to the terms of their respective service agreements, but will require a minimum of 6 months of service provided to SuperRare before token grant.

About SuperRare

SuperRare was founded in 2018 with the aim of creating a thoroughly better marketplace for artists, enabling them to easily create, sell, and collect rare digital artworks. The platform’s smart contract allows artists to publish limited edition digital art collections that are tracked on the blockchain. Each artwork is created by a real artist from the network, tokenized, and possesses rare attributes that can be verified.