BIGTIME, the in-game currency of the blockchain-based multiplayer game Big Time, has seen a staggering surge of over 265% in its first week of trading. The token was launched on popular exchanges like OKX and Coinbase last Wednesday and reached a high point of $0.35 on Friday. This impressive performance is in contrast to the sluggish growth observed in the wider cryptocurrency market, which saw a 2.7% decrease in the last 24 hours.
Big Time is an immersive game that allows players to participate in various historical periods and express their creativity through cosmetics and non-fungible tokens (NFTs). Players must obtain virtual land called SPACE and essential utility NFTs like Armory, Forge, and Time Warden to embark on their crafting journey. The Time Wardens are unique workshops where players can create valuable NFTs called hourglasses, which reward them with BIGTIME tokens.
BIGTIME tokens have multiple purposes within the game, such as crafting Forge and Armory items and accessing prestigious areas known as prestige portals. Players can also earn BIGTIME tokens through in-game drops, but they need hourglass collectibles to do so.
Despite the high demand for BIGTIME tokens, some analysts express skepticism about the sustainability of the price rally. Only 5% of the total supply of BIGTIME has been distributed to players through airdrops and is currently in circulation. This artificial scarcity may inflate the token price but could lead to a significant sell-off early in the game’s lifecycle, causing reputational damage.
Blockchain investigator Loch also raises concerns about the tokenomics, pointing out that there is uncertainty surrounding the exact market cap. While the Fully Diluted Valuation (FDV) is $1.2 billion, the market cap remains significantly lower at around $40 million.
In conclusion, BIGTIME has experienced a remarkable surge in its first week of trading. However, analysts caution against hype and supply issues, highlighting the potential challenges the token may face in the long run. It will be interesting to see how the game and its economy develop moving forward.
Hot Take: BIGTIME Tokens Experience Astonishing Surge in First Week of Trading
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