Efforce, a newly launched token by Apple co-founder Stephen Wozniak, is seeing a massive price increase. The token, which is noted as WOZX, has seen an almost 100% increase in its price. This comes after the value of the coin multiplied about 25 times last week after its launch.
Why is the Price Rising so Much?
This recent increase in price can be traced to an additional exchange listing. Bithumb, a South Korean exchange announced on Monday, that Efforce would be listed on its exchange today. Bithumb also said it will be available for deposit and trading. The token would be traded as a USDT pair in form of WOZX/USDT.
This is the second exchange that Efforce would be listed on. Last week Thursday, HBTC, a Malta-based exchange, listed the token for trading. For now, these are the only two exchanges to list the token. More exchanges are expected to include the token as part of their assets with time.
Incredible Price Increase in Such a Short Time
Efforce surprised many in the crypto and financial world by a feat it achieved just after it was released. The token immediately racked up a market capitalisation of $950 million 13 minutes after it’s launch, says the company. According to data from CoinGecko, the token has gone up an impressive 85% since it’s launch last Monday. Efforce is currently valued at $2.84 at the time of writing.
What is Efforce?
Efforce is a novel platform that is focused on increasing energy efficiency. The project is also aimed at the inclusion of everyone in rated projects. The company was established by Steve Wozniak in 2019.
Efforce touts itself as the ‘first blockchain-based energy-saving platform.’ The platform would provide supporters with rewards obtained from energy-saving projects run worldwide.
“With Efforce, for the first time, the energy efficiency market is accessible to large and small investors alike,” the company said. “Regardless of borders, investors can then monetize transferable energy savings.”
Efforce functions as kind of a tokenized energy saving, as a way of making energy-saving tangible to everyone.