TapSwap, the viral Telegram tap-to-earn cryptocurrency, will be in the spotlight this month as it is set to launch its token generation event (TGE) on January 23rd. With the TAPS airdrop coming, will the price rise or disappoint, as we saw with Hamster Kombat (HMSTR) and Notcoin (NOT)?
TapSwap airdrop is coming
In a recent statement, TapSwap’s developers confirmed that the much-anticipated token generation event will happen on January 23rd.
This is a notable development for a project that has been around for almost 12 months and has gained millions of users.
At its peak, Tapswap had over 73 million users who constantly signed into the mini-app, played games, and accumulated the TAPS token. There are signs that the usage has dropped in the past few months because of the TGE delay and the performance of other tap-to-earn tokens.
TapSwap’s TGE was initially scheduled for July last year but was postponed to “sometime in the third quarter.” The developers defended their move by pointing to the performance of other tap-to-earn tokens, which had plunged after their airdrops.
They also explained the need to develop the ecosystem, which they hope will increase the utility of the TAPS token. TapSwap is now working on the first Web3 skill gaming platform powered by the TAPS token.
Also, they wanted to create more partnerships, which they have done in the past few months. Some of the top partnerships are with companies like Binance and the Telegram-owned Ton Blockchain.
Will the TAPS price rise or fall?
The recent TapSwap airdrop delay is justifiable since the developers wanted to give the TAPS token a utility.
That big issue has contributed to the weak performance of other tap-to-earn tokens like Hamster Kombat, Catizen, and Dogs.
Most tap-to-earn players dump their tokens and convert them to fiat or other time-tested cryptocurrencies when launching their airdrops. As a result, the Hamster Kombat token has crashed by over 77% from its all-time high, while Notcoin has plunged by a similar amount.
TapSwap’s main differentiating factor is that the developers have created a utility for the token and major partnerships. However, history shows that many participants in such “play-to-earn” projects are rarely interested in the promised utility.
Some of the best examples of this are move-to-earn tokens like Sweat Economy and StepN, which surged after their airdrops and then plunged after users took profits. Another group is the play-to-earn tokens like Axie Infinity, Decentraland, Gala Games, and The Sandbox. These tokens have crashed and lost billions of dollars in value.
Therefore, while it is impossible to predict the next price action of the TAPS token, the odds are that it will fall as many of the airdrop recipients sell.
Read more: BNB Price Ends 2024 at Over $700: What’s Next for 2025?
