The value of the Alpine F1 Fan Token ($ALPINE) jumped 51% early on Monday, Oct. 6, as trade volume surged from $36 million to over $170 million.

The rising fortunes of the $ALPINE Fan Token comes amid the announcement of a new blockchain initiative for the Alpine F1 team.

Alpine F1 Token Jumps 51%

From a starting price of $1.31, the Alpine F1 Fan Token ($ALPINE) climbed to a peak of $1.99 on Monday morning, marking a growth surge of 51%.

As seen below, the peak of the surge didn’t last long, and the token returned to a price of $1.66 by time of writing.

That still leaves the token holding onto 26% gains for the day as trade volume continues to climb.

Over $106 million of the $175 million daily trade volume came from Binance alone, while DigiFinex, LBank, and MEXC all recorded volume of between $11-16 million.

Alpine’s New Blockchain Initiative

On Oct. 6, it was announced that the BWT Alpine Formula One Team – the company overseeing Alpine F1 – had entered into a new working partnership with BlockDAG, a layer-one blockchain project that uses a Directed Acyclic Graph (DAG) structure.

Directed Acyclic Graphs achieve the same decentralised data storage goals as typical blockchains while using a different set of protocols to achieve it. DAGs have been used in multiple blockchain projects, and are currently the technology of choice for projects like IOTA, Hedera, Constellation and Nano.

Alpine’s partnership with BlockDAG will see the companies create simulated fan experiences and dedicated fan zones which allow Formula 1 fans to get a closer look at what it’s like to be a Formula 1 driver.