In a surprising turn of events, Xai, a layer-3 gaming token, experienced a noteworthy 10% price decline following its listing on the Binance exchange and a subsequent airdrop.
This volatility unfolded in the wake of the Xai Foundation’s announcement of a significant gaming token airdrop slated for the year.
Adding to the complexity, the airdrop targets a specific user base, encompassing individuals in possession of specific Xai NFTs and those engaged in gatekeeper or validator nodes. The foundation distributed 125 million XAI tokens, equivalent to 5% of the total supply, intensifying market dynamics.
Recent data from Scopescan sheds light on a whale’s strategic moves in the market. GSR_io, a prominent player, withdrew 1.8 million XAI (approximately $1.04 million) from Gate.io just 17 hours ago. Impressively, over the past two days, this whale accumulated 2.48 million XAI (around $1.4 million) from Gate.io, Bybit, and Kucoin.
17 hours ago, @GSR_io withdrew 1.8M $XAI ($1.04M) from #Gate.io.
Over the past 2 days, they have accumulated 2.48M $XAI ($1.4M) from #Gate.io, #Bybit, and #Kucoin.
Moneyflow:https://t.co/B7quYjlqVd pic.twitter.com/cKCdudNKdF
— Scopescan (@0xScopescan) January 13, 2024
$XAI Price Action To Monitor
Despite this accumulation, Xai is currently facing a 4% decline in its daily performance. Additionally, the 24-hour trading volume witnessed a substantial drop of up to 46%. These fluctuations underscore the intricate interplay of factors, including major exchange listings, airdrop initiatives, and strategic whale movements, contributing to the overall market dynamics of Xai.
As the cryptocurrency market continues to evolve, enthusiasts and investors closely monitor such developments, seeking to understand the underlying factors influencing asset values and market trends.
The Xai saga, with its listing, airdrop, and whale activities, offers a microcosm of the broader cryptocurrency landscape, where rapid changes and strategic maneuvers can significantly impact market sentiments and individual asset performances.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Source: https://nulltx.com/cryptocurrency-market-update-xai-faces-price-volatility-amidst-airdrop-and-listing-on-binance/