May 29, 2024
Airdrop Impact: Xai Token Plunges 20% After Binance Listing
Altcoins News

Airdrop Impact: Xai Token Plunges 20% After Binance Listing

Following an airdrop and its listing on Binance on January 9, the layer-3 gaming token experienced a more than 20% decline. Within a 24-hour trading period, the Xai token witnessed a sharp drop of over 22%, bringing its current value to $0.5231. This downturn occurred just a day after achieving an all-time high of $0.7734.

The significant token price decrease coincided with Xai’s inaugural 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 participants operating gatekeeper nodes or validators supporting the network.

The token’s decline may be attributed to the recent airdrop, impacting the market cap. Before the airdrop, the total market cap exceeded $154 million, but post-airdrop, it plummeted to around $70 million.

In conjunction with the airdrop, the XAI token was listed on Binance, the largest cryptocurrency exchange. The XAI/FUSD trading pair is now available on the spot market.

Xai stands out as the first layer-3 blockchain designed specifically for AAA games. Utilizing Arbitrum technology, Xai prioritizes simplicity and user-friendliness, streamlining wallet management complexities and seamlessly integrating blockchain into the gaming ecosystem.

Image by Xai

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