The Elon Musk-themed Telegram memecoin, X Empire, launched on the Toncoin ecosystem on October 24 but has since seen a decline of over 35% from its peak value within just 24 hours of being listed on several major exchanges, disappointing a significant portion of its more than 50 million players.
X Empire Token Price Falls Over 35% From ATH
According to Coinmarketcap data, the X Empire token initially started trading at approximately $0.000095, which was half of its pre-market valuation.
After that, it dipped to a low of $0.00005343, marking its current all-time low, before surging to an all-time high of $0.0001301 just three hours later.
X Empire Price Chart | CoinMarketCap
Although this rise was notable, it quickly fell again once participants from the X airdrop and early traders started to take their profits.
This situation unfolded as the eagerly anticipated X token was officially listed and available for trading on platforms such as OKX, Bybit, Bitget, Wallet, Gate, KuCoin, MEXC, BingX, and others on October 24 at 12:00 UTC.
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Additionally, pre-launch traders had been speculating on the value of this latest Telegram game token launch on platforms like Kucoin, expecting an average trading price of 0.000204 USD before the launch.
However, the actual opening price turned out to be around half that amount, meaning many participants of X Empire pre-market would have faced losses of nearly 50% on their initial investments.
X Airdrop Participants Dissatisfied With the Outcome
Numerous participants in the airdrop expressed their dissatisfaction with the outcomes of the X Empire airdrop. Various players have taken to social media X (Twitter) to share their complaints, with several self-claimed participants stating they earned between $5 and $2, or even less, from the crypto game despite being active for several months.
There were over 50 million X Empire players globally, and controversy arose when X Empire revealed that several factors determined the airdrop’s distribution, the most important of which was the number of “active friends” a player had.
Additionally, many users reported that they had invested some Toncoin (TON) in the game to advance their ranks, acquire in-game non-fungible tokens (NFTs), and link their crypto wallets to the mini-app. However, numerous users claimed they suffered losses exceeding 75% of their investment, as the rewards they received were significantly lower than their original deposits.
As expected, reactions within the community were mixed. Some users argued that the project enforced a mandatory 0.05 TON fee on over 20 million users, of whom only 6 million were eligible for the airdrop. Conversely, other users asserted that paying was never required, as they spent nothing but still received their free tokens.
With its current price at $0.00008056, X Empire’s market cap is just $40.6 million, considerably less than its predecessors’ total valuation. Remember that Notcoin was the first and most successful Telegram-based token to date, boasting a market capitalization of $768 million. Other tokens like Catizen, DOGS, and Hamster Kombat have market caps of $104 million, $349 million, and $215 million, respectively.
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