- Taboo Token price has more than doubled in the past few days.
- The network is incorporating the concept of NFTs in the adult industry.
Taboo Token price climbed to a high of $0.0017, the highest point since January 14. At its peak on Thursday, Taboo was up by over 117% from the lowest point in February. It was trading at $0.0014 at the time of writing, meaning it has jumped by 45% in the past 24 hours in dollar terms.
What is Taboo Token?
The adult industry is an enormous one. According to SimilarWeb, Pornhub, the biggest company in the industry, was the 13th most visited website in the world in 2022. There are three websites in the industry in the top 20 of the most popular sites in the industry.
Meanwhile, reports from some of the best research firms show that websites in the industry in the US was worth over $1.1 billion. Globally, the industry is estimated to be worth over $90 billion. Therefore, some people in the blockchain industry believe that the sector is ripe for disruption.
Taboo Token is one of those companies that is seeking to change the industry. The developers have created an NFT marketplace where people can buy erotic-themed non-fungible products. In it, models can mint their NFTs in the form of their pictures and then monetize it. They have also partnered with well-known players in the industry.
Further, the developers aim to grow the ecosystem by creating mansion party where people meet and interact with each other. The first of these events happened in August last year in Thailand.
It is unclear why the Taboo Token price has done well in the past few days. A likely reason is that investors are excited about the developers plans, which include launching the V.3 version of the marketplace.
They also plan to launch a cross-chain SDK integration and list $TABOO on multiple exchanges. Also, Taboo Token price has risen because of the view that it is targeting an industry that is significantly big.
Taboo Token price prediction
The 4H chart shows that the TABOO price has made a strong comeback in the past few days. As it rose, it moved above the important resistance level at $0.0013, the highest point on January 24. The coin has moved above the 25-period and 50-period moving averages and is slightly below the 23.6% Fibonacci Retracement level.
Therefore, Taboo Token will likely continue rising in the coming days as the fear of missing out (FOMO) sets in. If this happens, the next key level to watch will be at $0.0020.
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