NFTs
Pixelverse [PIXFI] shoots up 360% in 24 hours: evaluating the reasons why
- Pixelverse is rewarding players with 30% of its total token supply.
- The token’s popularity is taking off, but its long-term impact depends heavily on sentiment and engagement.
Pixelverse [PIXFI]a non-fungible token (NFT) and gaming ecosystem in The Open Network [TON] launched its native token PIXFI on July 18. PIXFI has gained nearly 360% in the past day, with more likely to come.
Pixelverse’s PixelTap is the viral Telegram game that was released in March 2024 and supposedly added 50 million users to its player base in June.
The airdrop rewards its community and players with NFTs of varying rarity based on level and quest completion for Pixeltap and Dashboard players.
Is this gaming ecosystem airdrop a breath of fresh air?
On a post to X (formerly Twitter)Pixelverse has announced that Pixeltap and Dashboard users will receive NFTs on July 18th based on their engagement levels.
These NFTs will be redeemable one week later, on July 25th at 12:00 UTC.
Holders of Rare, Epic or Legendary NFTs will immediately receive an airdrop equivalent to 10% of the total PIXFI supply, to reward their early support.
Another 20% will be rewarded to users to incentivize the use of Pixelchain, the EVM-compatible Layer 2 for the TON blockchain.
O airdrop documentation revealed,
“While early airdrops were seen as a way to reward real users and were welcomed by the community, farming and sybil attacks took over among industrious users, and airdrops today often lead to community outrage and negative token price action.”
They added that this was inspired by the concept of battle passes and traditional venture capital earnout provisions.
What happens after the airdrop?
With a market capitalization of $355.7 million, PIXFI is listed on several centralized exchanges such as Bybit, HTX, Gate.io, and Bitget. Pixelverse closed a financing round in May, with $5.5 million raised to fund the gaming ecosystem.
Source: PIXFI/USDT on TradingView
Short-term technical analysis suggests that the price could go much higher. It depends on the social media hype and subsequent demand. There could be an influx of selling pressure after July 25th when the tokens can be claimed.
Realistic or not, here it is PIXFI market capitalization in BTC’s terms
The token’s utility and the popularity of Telegram’s PixelTap game are key factors. They would determine whether PIXFI would have a sustained bull run.
The sentiment of the entire market can also change if Bitcoin [BTC] prices do something dramatic, optimistic or pessimistic.