The Layer-3 Gaming Token Xai Plummets by Over 20% Following Airdrop and Binance Listing
The layer-3 gaming token Xai has experienced a significant drop of more than 22% within a 24-hour trading period, according to CoinGecko. Currently priced at $0.5231, Xai’s value sharply declined after reaching an all-time high of $0.7734 on January 9.
Xai’s Token Collapse After Airdrop
The sudden decline in Xai’s token price occurred shortly after the platform conducted its first major gaming token airdrop in 2024. The Xai Foundation distributed 125 million XAI tokens (equivalent to 5% of the total token supply) to eligible users, including holders of specific Xai NFTs and operators of gatekeeper nodes or validators supporting the network.
Possible Impact of the Airdrop
It is likely that the recent airdrop contributed to the token’s collapse. Prior to the airdrop, Xai’s market capitalization exceeded $154 million. However, after the airdrop, the coin’s market cap dropped to around $70 million.
Binance Listing and Xai’s Features
In addition to the airdrop, Xai recently gained listing on Binance, the largest cryptocurrency exchange. Traders can now access the XAI/FUSD trading pair on Binance’s spot market.
Xai distinguishes itself as the first layer-3 blockchain specifically designed for AAA games. Leveraging Arbitrum technology, Xai prioritizes simplicity and user-friendliness by streamlining wallet management and seamlessly integrating blockchain within the gaming ecosystem.
Hot Take: Xai Faces Steep Decline Following Airdrop and Binance Listing
The layer-3 gaming token Xai has encountered a significant setback as its value plummeted by over 20% after conducting an airdrop and securing a listing on Binance. This decline follows a previous all-time high reached just a day before. The token’s price collapse may be attributed to the recent airdrop, which resulted in a substantial decrease in market capitalization. Nevertheless, with its focus on simplicity and seamless integration of blockchain technology within AAA games, Xai aims to overcome these challenges and regain momentum in the future.
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