Altcoin markets are experiencing notable activity, with two different altcoin news pieces causing almost triple-digit surges within the last hour. Although Bitcoin’s price remains stable at $62,000, the announcement regarding the PROS Token buyback led to more than an 80% increase in the price of this altcoin, which has a market value of $10 million. The upward trend is still ongoing.
PROS Coin Rises Rapidly
Animoca Brands has announced plans to purchase additional PROS tokens from the open market, resulting in a swift price increase for the altcoin. As of the writing, the price has surged beyond $0.52, up from below $0.30. The announcement outlined the intention of Animoca Brands to acquire more PROS tokens.
“Animoca Brands stated its intent to purchase additional PROS tokens from the open market. PROS is a service token redesigned to bring institutional-level Bitcoin 
$77,464 mining power to the Prosper network, aiming to provide full exposure to Bitcoin’s hashrate and the broader Bitcoin ecosystem.”
The sustainability of this price increase and the volume of purchases remain uncertain. Further announcements and the commencement of acquisitions in the coming hours may drive the price even higher. Given the low market capitalization, purchase volume could trigger significant movements.
