- Tipcoin is a blockchain project that awards users for engaging on X.
- TIP price rallied over 71% to form a new ATH on Sept. 23.
- The project announced an airdrop.
NEW DELHI (CoinChapter.com) — Tipcoin, a project that rewards users for engaging on the social media platform X (formerly Twitter), saw its native token TIP’s price spike to a new all-time high of $0.00056 on Sept 23.
The token’s price likely rallied after the project announced an airdrop of its token, TIP.
The token price started rallying from $0.000328 to spike by over 71% in just six hours and reach $0.00056. However, TIP prices started plummeting soon afterward.
The Tipcoin token price dropped nearly 42% to reach $0.00033, after which the TIP price started moving horizontally. The Tipcoin price likely rallied due to the airdrop going live, though it seems the token holders had no interest in hodling their TIP tokens.
It is likely that TIP airdrop prompted traders to buy the token to pump up the price before dumping their holdings as the TIP price reached its ATH.
What Is Tipcoin?
Tipcoin is a blockchain project with an ERC-20 native token, TIP, that awards users for engaging on X. The blockchain project claims that its goal is to enhance users’ experience on X without having them step outside the confines of the platform.
The Tipcoin platform calculates points users earn while engaging with X in 1-week epochs. Afterward, the platform allows users to exchange their points for TIP tokens.\
Interestingly, users need to post on X mentioning the project to earn points, helping Tipcoin increase its social media presence. The number of Tipcoin’s X followers has reached nearly 270,000 after the platform posted its first tweet on Sept. 1.
Users collected 48 billion points in the first epoch; the third one is underway and will end on Sept. 29.
However, the project has its shortcomings, one being the scarcity of available information on the team behind Tipcoin. Furthermore, TIP token seems to rely on FOMO and hype-driven engagement and has no specified utility at the moment.
Additionally, users might be concerned about their privacy since the project requires several permissions without specifying how the team would use the data.
The Tipcoin project recently revealed its tokenomics, stating it has reserved 35% of its total token supply of 1 billion tokens for platform rewards. However, at the moment, the token’s circulating supply remains unverified, according to CoinMarketCap.
Furthermore, the project stated that it had reserved 15% of its token supply for Epoch 1 rewards, with Epoch 2 rewards accounting for 20% of the token supply.
For Epoch 3 rewards, Tipcoin pledged 5% or 50 million TIP tokens. Furthermore, Tipcoin set aside 15% of the total token supply for liquidity. Lastly, the team reserved 5% of the total supply for marketing and the core team.