X Empire token crashes, mirroring Notcoin, Gamee and Catizen

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As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have seen my fair share of ups and downs. The recent crash of X Empire (X) token is another reminder of the volatile nature of this space. With more than 50 million users, X Empire was hailed as a revolutionary Telegram game centered on financial literacy. However, its sharp decline by 25% on Oct. 24, mirroring the performance of other Telegram tokens, is a stark reminder that even the most popular games can’t escape market forces.

In simpler terms, the number of players in the X Empire, a widely played Telegram game with more than 50 million users, significantly decreased following its token sale this week.

On October 24th, the value of tokens from X Empire plummeted by 25%, hitting a record low of 0.00005925 USD, which lowered its total market capitalization to approximately 42 million dollars.

This drop is similar to what we’ve seen with other Telegram tokens launched through ICOs (Initial Coin Offerings) this year.

Initially publicly traded Notcoin (NOT), the initial tap-to-earn token, has plummeted by a significant 78% from its all-time peak. Similarly, Catizen (CATI) has descended from a high of $1.1990 in September to its current price of $0.3760.

Originating from Hamster Combat (HMSTR), a platform that garnered more than 300 million users, has faced difficulties as well. Its token value dropped by approximately 80% from its peak. Consequently, numerous X token holders might have chosen to sell their assets, aiming to dodge the potential downfall experienced by other Telegram tokens.

This performance is similar to other “earn-to-play” tokens that initially receive a lot of buzz but subsequently decrease in value. Several “play-for-profit” tokens that were widely publicized just a few years ago, such as Axie Infinity, Decentraland, and The Sandbox, have all experienced double-digit declines.

In a similar vein, many move-to-earn tokens such as Sweat Economy and GMT from StepN have fallen significantly (by double digits) from their record high values.

Despite being listed on prominent platforms like Bybit, Bitget, KuCoin, OKX, and MEXC, the downfall of X Empire still transpired. The data indicates that the majority of its trades were primarily conducted on Bitget, closely followed by OKX and Bybit in terms of volume.

Despite developers offering incentives for token holders to keep their investments in X, an unexpected crash still occurred. In a recent post on X, it was announced that Meme Lab, a meme coin platform based on the TON Blockchain, had assigned 2% of its LAB tokens to X Empire’s investors. Moreover, developers have expressed their commitment to developing long-term utility for the X token.

As an analyst, I’m examining Memes Lab, a dynamic memecoin platform built on the TON Blockchain. By seamlessly integrating the amusement of web2 with the financial possibilities of web3, Memes Lab makes it effortless for users to create, trade, and manage their own memecoins.

— X Empire (@xempiregame) October 22, 2024

To begin with, the X Empire is a widely played Telegram game that focuses on financial education. Players earn tokens by enhancing their characters and engaging in routine activities such as interacting with its social media outlets and viewing its YouTube content.

X Empire price could struggle before rebounding

X Empire chart by TradingView

The prices of X Empire and various Telegram tokens have significantly decreased, causing pessimism among traders. It’s possible that some investors have switched to rapidly growing meme coins such as Popcat and Cat in a Dog’s World, which have reached new peak values.

Consequently, it’s expected that the price of X token is going to keep decreasing, as traders aim for this week’s low at $0.000036. However, in the long run, X and other Telegram tokens might recover as investors take advantage of the current dip.

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2024-10-25 16:29