YEREVAN (CoinChapter.com) – Gaming XAI token jumped 25% to $0.66 on Jan 11, effectively paring the previous day’s losses. While the Xai Mainnet launch could be behind the uptrend, let’s take a look at the price action and on-chain metrics first.
Token Price Rollercoaster Continues
The XAI coin price initially surged after its listing on Binance. Following the farming period, Binance listed the token on Jan 9. But the surge did not last long, as the token receded back 35% before picking up again on Jan 11.
At the time of the report, the XAI token’s market capitalization stood at $187 million (28% jump), with a trading volume of $270 million in the last 24 hours, an 18% decline. The dissonance suggests that there might be a market manipulation at play, as several large investors influence the price action amid an overall low activity among bulls and bears.
Furthermore, in some cases, a higher trading volume compared to the market cap could signal market manipulation. This might involve “wash trading,” where trades are artificially inflated by someone buying and selling to themselves to create misleading market activity.
However, the lower market cap compared to the trading volume could also simply be a side effect of a recent listing. If a token has not been trading on a major exchange for long, or there has been significant news about the project, it can lead to a temporary spike in trading volume as traders react to the new information or availability.
XAI Mainnet Launch Behind the Uptrend?
On Jan 11 XAi Games announced the launch of its Mainnet on web3 development platform Thirdweb.
We are thrilled to announce that the Xai Mainnet is now live on Thirdweb! You can utilize Thirdweb tools to create NFT collections, drops, and much more. Stay tuned for additional updates!
commented the team.
While the mainnet launch cannot directly pump the token price, it could inspire more confidence in the project, hence attracting more investors to the platform.
