NEW DELHI (CoinChapter.com) — Binance announced listing the native token of the Arbitrum-based Layer 3 blockchain XAI games after its farming period ended on Jan. 8.
Following the farming period, Binance listed the XAI token on Jan. 9. The available trading pairs for XAI include XAI/BTC, XAI/USDT, XAI/BNB, XAI/FDUSD, XAI/TUSD, and XAI/TRY.
The announcement stated that trading for the XAI token on Binance will begin at 10:00 (UTC) on the day of the listing. Moreover, the airdrop claim will start 30 minutes prior to the listing at 09:30 (UTC).
Users from several countries, including the United States, Canada, and Japan, could not farm XAI due to legal and regulatory considerations. The listing also positively impacted BNB prices, with the token reaching a daily high of $308 on Jan. 9.
XAI Listing On Binance Buoys XAI Price
News of listing on major exchanges is often a bullish cue for crypto tokens, and XAI was no exception. Binance listing XAI Games saw the token’s price spike nearly 5,900% to a high near $1.2.
However, bearish pressure against the token remains, evident from the long upper wick. It seems traders are booking profits, which could see the token’s airdrop becoming a bearish headwind for XAI prices.
If the profit booking continues, XAI could see a further drop in prices. However, it is likely that some investors would hodl the XAI token before selling, likely waiting for a higher price. Furthermore, listings on other exchanges could help buoy the token’s price.
At present, it seems airdrop recipients are booking profits.
What Is XAI?
XAI is the first Layer- 3 blockchain built on the L2 platform Arbitrum. The platform allows traditional gamers to participate in open trade without interacting with their crypto wallets.
XAI Games addresses scalability, high gas fees, and wallet interaction hurdles and helps integrate traditional gamers into Web3. The protocol’s native gas token, XAI, can be redeemed for esXAI (escrow XAI), which allows staking for yield increase, access to special events and NFTs, and governance rights.
The max supply of XAI is 2.5 billion, with about 277 million tokens circulating at listing.
