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Tuesday, April 23, 2024

Xai Gaming Token Skyrockets by 35% with Airdrop Valuation Reaching $140 Million

The Ethereum-based Xai gaming network, utilizing the Arbitrum scaling solution, initiated its inaugural airdrop last week, distributing a total of 125 million XAI tokens to early adopters and supporters. Subsequently, over the weekend and into Monday, the token experienced a significant surge in value, thereby amplifying the worth of the airdrop for individuals who either retained or recently acquired the tokens.

Within the past 24 hours alone, XAI has witnessed a remarkable 35% increase, reaching a record-breaking price of $1.12 at the time of this statement, according to data from CoinGecko.

Although the token made its debut last week at approximately $0.77, it underwent a subsequent dip to as low as $0.45, as is customary for the initial volatility exhibited by newly-launched tokens. However, early on Sunday, the price started an ascent from around $0.60 to its current value, marking an impressive surge of nearly 87% within a day and a half.

Positioned as a gaming-focused “layer-3” network, Xai is constructed atop Arbitrum, which serves as a layer-2 scaling network for Ethereum. This collaborative project involves Offchain Labs, the developer behind Arbitrum, the game studio Ex Populus, and the recently established Xai Foundation. The overarching goal of the Xai network is to emerge as a prominent hub for blockchain gaming, leveraging the capabilities of both Arbitrum and the collective expertise of its development partners.

In the recent airdrop conducted last week, Xai distributed tokens to users holding early Xai NFT collectibles and those who acquired Sentry Keys to operate validator nodes. Validator nodes play a crucial role in supporting the network by processing transactions.

Also Read: XAI Price Prediction 2024: Will (XAI) Price Hit $3 in January?

For instance, operators of Sentry nodes were eligible to claim 1,658 XAI for each node they possessed, which currently amounts to approximately $1,860. Meanwhile, owners of Xai Vanguard NFTs had the opportunity to claim 1,307 XAI per NFT, translating to over $1,460 at the current token price.

The overall value of the entire airdrop has surged from around $70 million shortly after the token launch last week to approximately $140 million at the present moment, based on the peak price of XAI.

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