Arbitrum-based gaming-focused “Layer 3” network Xai blockchain recently witnessed a strong rally for its native cryptocurrency XAI. As of press time, the XAI price is trading up by 24.69% at $1.12 with a market cap of $311 million. At one point, the XAI price also rallied all the way up 40% earlier today.

What’s Behind the XAI Price Rally?

In a recent milestone for the Xai gaming network on Ethereum scaler Arbitrum, the platform initiated its inaugural airdrop last week, allocating a generous 125 million XAI tokens to early users and supporters. This move aimed to reward and incentivize the community’s early engagement.

The XAI token made its debut in the market last week with an initial valuation of approximately $0.77. However, it faced the customary volatility associated with new token launches, briefly dropping to as low as $0.45.

Despite this initial dip, the token displayed resilience, and by early Sunday, its price started a remarkable ascent from around $0.60. As of the latest reports, the token’s value has witnessed a substantial increase of nearly 87% in just a day and a half. furthermore, Binance listing the XAI token added more fuel to the price rally.

This surge in value not only underscores the dynamic nature of token markets but also highlights the positive response and market enthusiasm surrounding the Xai gaming network’s token launch and airdrop on the Ethereum scaler Arbitrum. Investors and enthusiasts are closely watching as the XAI token continues to make waves in the cryptocurrency space.

Xai Network Airdrop Rewards NFT Collectors

In a strategic move to reward early contributors and fortify network support, last week’s airdrop from the Xai gaming network distributed tokens to holders of early Xai NFT collectibles and users who acquired Sentry Keys for operating validator nodes, crucial for processing network transactions.

Operators of Sentry nodes witnessed a substantial windfall, being eligible to claim 1,658 XAI for each owned node, currently valued at approximately $1,860. Simultaneously, owners of the Xai Vanguard NFTs could claim 1,307 XAI per NFT, amounting to over $1,460 at the present token price.

The collective value of the entire airdrop has experienced remarkable growth, surging from an initial estimate of $70 million shortly after last week’s token launch to an impressive $140 million as of the latest reports.

This surge in value showcases the success of the Xai Network’s airdrop strategy and underscores the substantial gains for participants, affirming the network’s commitment to rewarding early contributors and incentivizing active involvement in the ecosystem. Investors and stakeholders are closely monitoring the evolving dynamics of the Xai Network as it continues to make waves in the cryptocurrency space.

Considering the factors discussed, there is an anticipated range for XAI to oscillate between $1.070 and $1.466. If the upper limit of this projection is attained, there is a potential for a substantial surge of almost 35%, propelling XAI to reach $1.466.

The post XAI Price Jumps 25% Shooting Past $1.0, What’s Behind The Rally? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am