RAIN Token Soars 100% in Just an Hour: Is the Surge Linked to Italy’s Ex-Prime Minister?

The cryptocurrency market experienced some stability over the last day, with many of the top digital currencies seeing minor fluctuations. However, a relatively unknown token known as RAIN has surged by over 100% in just one hour, evidently spurred by a multi-million dollar initiative involving former Italian Prime Minister Matteo Rizi.

What Caused the Surge?

Enlivex Therapeutics, a company focusing on clinical-stage immunotherapy, announced that it has signed an agreement for a private investment to sell 212 million shares at a unit price of $1. The funds will be used to execute the inaugural RAIN prediction market token treasury strategy, as stated by Shai Novik, the company’s Chairman:

“We believe that after finalizing this transaction and launching the RAIN treasury strategy, Enlivex will be the first publicly traded U.S. company offering investors exposure to prediction markets, one of the rapidly evolving sectors in the crypto realm. The decentralized RAIN protocol leverages blockchain technology to enable participants to bet on future event outcomes, and we expect it will become a leading player in this growing segment.”

Following this announcement, the RAIN token spiked nearly 100%, hitting an all-time peak of about $0.006974, according to CoinGecko. The token’s market cap soared past $1.7 billion, positioning it as the 65th largest in the industry, surpassing altcoins like Aptos and Worldcoin.

RAIN Price, Source: CoinGecko

Moreover, Chairman Novik shared that Matteo Renzi, who served as Italy’s Prime Minister from 2014 to 2016, has now joined the Board of Directors at Enlivex.

What is RAIN?

RAIN Protocol is a decentralized framework established on Arbitrum, enabling users to create options across various topics freely. The system’s objective is to maximize decentralization, transparency, and user control over market creation and outcome selection.