BlockBeats news reports that on November 9, DRIFT’s market value was US$2.31, with a 24-hour increase of 345.8%. The temporary market value was US$550 million, while the temporary FDV was US$2.223 billion. Multicoin Capital, the lead investor in Drift’s $25 million Series B financing, published a blog post on September 10 that revealed it had accumulated a large number of DRIFT positions in its funds.
Based on its valuation framework and market assumptions, Multicoin Capital believes DRIFT is reasonably valued at $3.58. If DRIFT’s position of $0.416 on September 8 is used as the average price of Multicoin’s position, its current DRIFT position has gained 455% (not yet known whether it has been sold).
