X Empire (X) Token Crashes by 25% After Token Generation Event, Mirrors Other Telegram Tokens

X Empire (X) token crashed by 25% on Oct. 24, reaching a low of $0.00005925, bringing its market cap down to $42 million.

The X Empire (CRYPTO: X) token crashed by 25% on Monday, continuing a trend among Telegram tokens that have launched their token generation events this year.

What Happened: The X token dropped to a low of $0.00005925 on Monday, bringing its market capitalization down to $42 million.

The token rallied by over 3,000% after being listed on several centralized exchanges earlier this week.

Other Telegram tokens that have crashed include Notcoin (NOT), which dropped by 78% from its all-time high, and Catizen (CATI), which fell from $1.1990 in September to $0.3760 on Monday.

Hamster Kombat (HMSTR), a Telegram tap-to-earn game that gained over 300 million users, also saw its token crash by over 80% from its all-time high.

Several X holders may have sold their tokens to avoid a fate similar to other Telegram tokens.

This performance also mirrors that of other “to-earn” tokens, which start with substantial hype and then decline.

Several play-to-earn tokens that made headlines a few years ago, like Axie Infinity, Decentraland, and The Sandbox, are down by double digits from their highs.

Most move-to-earn tokens, like Sweat Economy and StepN’s GMT, have also dropped by double digits from their all-time highs.

The X crash comes despite being listed on some of the largest centralized exchanges, including Bybit, Bitget, KuCoin, OKX and MEXC.

Data showed that Bitget had the highest trading volume for the X token, followed by OKX and Bybit.

The ongoing X crash is occurring despite incentives from the developers to encourage holders to keep their tokens.

In a post on X, it was noted that Meme Lab, a memecoin platform on the TON Blockchain, allocated 2% of its LAB token to X Empire’s holders.

The developers also said they would continue building utility for the token in the long run.

X Empire is a popular Telegram game that focuses on financial literacy, with users generating tokens by developing their characters and performing activities like following social media and watching YouTube videos.

The above is the detailed content of X Empire (X) Token Crashes by 25% After Token Generation Event, Mirrors Other Telegram Tokens. For more information, please follow other related articles on the PHP Chinese website!