Augur (REP) market prices were doubly depressed - first, by the drop in Bitcoin prices, which made REP cheaper in dollar terms. And secondly, REP fell against BTC after the hype from the past days wore out, and a lawsuit loomed.
REP sank by a net 34% this week, losing another 9% just in the past 24 hours. The asset sank to $35.12, away from the recent peak above $40. REP almost returned to the prices from a year ago, in dollar terms, but remains lower in BTC prices. At peak prices, REP tokens were trading above $102, when BTC reached nearly $20,000.
REP trades at a slight premium against the Korean Won, at above $36, but even those prices have been weighed down. Part of the REP slide is also due to the recent drop in Ethereum prices toward $500.
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The price slide comes just as Augur announced the upcoming launch of its distributed app on the Ethereum network. The Augur project has taken three years since its ICO to release the long-promised product. However, it is precisely the nature of the product that is causing troubles. The REP token measured reputation in predictions, which some believe is a form of betting on the outcomes of events.
Additionally, the news of a personal lawsuit from Matthew Liston, a developer and co-founder from the early days of Augur, is weighing down on the project. Liston claims $152 million in damages, for one of the biggest lawsuits related to the crypto industry. However, some believe the claims are too outlandish, and may not affect the project itself. Liston was dismissed from the team and denied early REP rewards, which would have appreciated significantly by now.
Liston went on to create his competing product, Gnosis (GNO). The GNO digital asset is also having a hard time, sinking by 27% in just the past week, down to $66.65, from peak prices above $390 during the December pump. Thus, GNO is one of the projects where for one year, the price actually ended with a significant net loss, especially in BTC prices.
This article appeared first on Cryptovest
