Opulous (OPUL) price surges after DeFi staking announcement, S-NFT sale and CEX listing

Non-Profile Picture (PFP) NFTs had been cooling for the past few months, but now that Bitcoin and Ethereum have turned bullish again, altcoins and NFT-focused tokens are starting to follow.

Music NFTs are one sector of the ecosystem showing bullish signs this week and the Opulous (OPUL) protocol was the breakout star of the day. Opulous aims to bring decentralized finance (DeFi) aspects to the music industry and also transform how artists access finance.

Data from Cointelegraph Markets Pro and TradingView shows that OPUL’s price has surged 260% from its bottom of $0.287 on March 18 to hit an intraday high of $1.04 on April 4, while the 24th -Hourly trading volume up 415%.

OPUL / USDT 4 hour chart. Source: TradingView

Three reasons for the price reversal in OPUL are the completion of the recent security NFT sale (S-NFT), new exchange listings, and the upcoming launch of liquidity pools for OPUL on multiple Algorand-based DeFi protocols.

The first S-NFT sale is a success

The biggest driver of interest in OPUL over the past few weeks has been the launch of its latest S-NFT sale for British rap artist Ard Adz’s song “Patek Myself.”

The S-NFT sale took place on March 31st and took less than 45 minutes to sell out and meet its goal of raising $50,000. Data from WeFunder shows the sale was oversubscribed, raising $66,900.

Since the sale, the team at Opulous announced that the project’s next big announcement will be this week and will include an S-NFT sale for an entire music album.

Big announcement coming NEXT WEEK. Our next NFT will be for a FULL ALBUM #OPULSEASON is just getting started

Can you guess who it is? Let us know in the comments $OPUL pic.twitter.com/nQ0z0cl6mV

— Opulous (@opulousapp) April 2, 2022

DeFi staking is on the way

Another factor helping to push Opulous’s price higher are plans to list OPUL on multiple DeFi protocols in the Algorand (ALGO) ecosystem.

Pact, an Algorand-based automated market maker, has already set up two liquidity pools for OPUL, pegged to ALGO and USD Coin (USDC), and recently announced a campaign in partnership with the Algorand Foundation offering 1 million ALGO tokens they will distribute supported pools between April 8th and June 2nd.

Opulous has also announced that new staking pools will be coming to Algorand DeFi hub AlgoFi starting April 5th.

Our new $OPUL staking pool with @algofiorg opens TOMORROW

Many of the #OPULFAM have asked for it

Stake $OPUL to earn more $OPUL #OPULSEASON $ALGO pic.twitter.com/l4844D5MeX

— Opulous (@opulousapp) April 4, 2022

Related: Record music streaming profits show how NFTs will empower content creators

OPUL listings on centralized exchanges

OPUL was also recently listed on a few centralized exchanges, including HotBit and LAToken.

Following the listing announcement for LAToken on March 30, the project teased that another listing was “coming next week,” indicating the potential for further price appreciation.

In addition to these new exchange listings, the OPUL staking pool on KuCoin has increased its capacity to 5 million OPUL, increased the available blocking time to 60 days, and now offers a 30% APY.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

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