- Xai’s 10% plunge post-airdrop and Binance listing shake crypto market confidence.
- A fake XAI token crash exacerbates real XAI’s market turmoil, spurring investor caution.
- Oversold XAI/USD signals potential market rebound amid bearish pressures.
Xai, a layer-3 gaming token, has witnessed a significant price drop of over 10%, a surprising turn of events in the cryptocurrency market. The decline followed closely on the heels of its airdrop and a major listing on the Binance exchange.
This sudden market reaction raises concerns and speculation among investors and market analysts. Consequently, XAI’s market capitalization and 24-hour trading volume dipped by 9.93% and 58.32% to $163,081,855 and $114,039,627, respectively.
XAI/USD 24-hour price chart(source: CoinStats)
Moreover, the Xai Foundation’s decision to conduct a major gaming token airdrop this year contributed to the volatility. They released 125 million XAI tokens, accounting for 5% of the total supply, to a select group of users. These included holders of specific Xai NFTs and participants operating gatekeeper nodes or validators. Before the airdrop, Xai enjoyed a market cap above $154 million…
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