The Elon Musk-inspired Tap-to-earn game is finally live in the crypto market but has already begun disappointing its holders as the X Empire price has dropped almost 45% in the last 24 hours. More importantly, this happened despite its heavy price rally within the first hour, but a downtrend spoiled the game. The Airdrop and token listing on multiple exchanges created high selling pressure, making the investors concerned about it following the HMSTR pattern, which is a bigger disappointment.
HMSTR, the native token of the Hamster Kombat Telegram mini-game, was also popular at some point. It has a user base of 300M followers but still became a disappointment, with the month-long downtrend. Even at the time of reporting, the Hamster Kombat price is struggling, and the same might happen with its competitor X Empire.
X Empire Price Surged 400% Before 45% Decline
The Telegram mini-game is now officially listed on various popular crypto exchanges like KuCoin, Gate.io, Bitget, and many others, showing its high demand in the market. This hype is also visible in the charts, where the X Empire price surged more than 400% within an hour of listing, cheating an all-time high of $0.0001301. However, ever since then, the price has plummeted more than 51%, currently at $0.00005982, which is problematic.
However, it is understandable that the 34.5 billion X tokens airdrop distribution is causing high volatility. The sellers went active right after the X Empire price peaked within the first hour, initiating a downtrend. Regardless, it has a market capitalization and trading volume of $30.70M and $320.57M, which are still decent.
Interestingly, this hype was the result of all the interesting benefits the team promised. For example, they have promised to make the community their priority, allocating the majority of the tokens to the community. Additionally, there is zero locking and vesting period. Now, the confusion is whether this hype will initiate an uptrend or the downtrend will persist.
Can X Empire Price Follow The HMSTR Pattern?
The X airdrop and TGE event was supposed to happen in the previous month, but there were some unexpected delays. However, that became a profitable point for this token, as with delay, its hype grew even higher until the airdrop team made a controversial decision, banning 44 million from the airdrop and only allowing 6M. It was the same mistake that the HMSTR team made, which led to heavy criticism and its downfall, and the same might happen with this as well.
Another disappointing factor is that most analysts anticipated a listing price of $0.0002, but the actual listing is even half of it, at $0.00009599. This broke the player’s hope of witnessing the X price surging to the $1 mark soon.
Another concerning point is this heavy downtrend within 24 hours of the launch, which also happened with Hamster Kombat. However, as the team has implemented a phased distribution, the volatility should not impact its performance for long. More importantly, it will create more excitement for the remaining players. For now, it is uncertain how the X Empire price will perform next, but it is certain if it fails to overcome the sellers, the price might continue to decline just like HMSTR did.
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