X Empire, a popular Telegram game with over 50 million users, dropped sharply after its token generation event this week.
X Empire (X) token crashed by 25% on Oct. 24, reaching a low of $0.00005925, bringing its market cap down to $42 million.
This decline mirrors the performance of other Telegram tokens that have launched their token generation events this year.
Notcoin (NOT), which was the first tap-to-earn token to go public, has dropped by 78% from its highest level on record. Similarly, Catizen (CATI) has dropped from $1.1990 in September to $0.3760.
Hamster Kombat (HMSTR), which gained over 300 million users, has also struggled, with its token falling by 80% from its all-time high. As a result, many X holders have likely sold their tokens to avoid a similar fate as other Telegram tokens.
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This performance also mirrors that of other “to-earn” tokens that start with substantial hype and then decline. Many play-to-earn tokens that made headlines a few years ago, like Axie Infinity, Decentraland, and The Sandbox, have all dropped by double digits.
Similarly, most move-to-earn tokens, like Sweat Economy and StepN’s GMT, have also dropped by double digits from their all-time highs.
X Empire’s crash occurred even after being listed on some of the biggest centralized exchanges, such as Bybit, Bitget, KuCoin, OKX, and MEXC. Data shows that most of its trading volume was on Bitget, followed by OKX and Bybit.
The ongoing X crash happened despite incentives provided by the developers to encourage holders to keep their tokens. In a post on X, they noted that Meme Lab, a meme coin platform on the TON Blockchain, allocated 2% of its LAB token to X Empire’s holders. The developers also pledged to continue creating utility for the token in the long run.
X Empire & Memes Lab
Memes Lab allocates 2% of Supply for $X holders ⚡️
Overview: Memes Lab is a memecoin platform on TON Blockchain that combines web2 fun with web3 earning potential. This platform simplifies memecoin creation, trading and management. Additionally, the app is… pic.twitter.com/8DS1gnT28m
— X Empire (@xempiregame) October 22, 2024
For starters, X Empire is a highly popular Telegram game centered on financial literacy. Users generate tokens by developing their characters and performing regular activities like following its social media platforms and watching its YouTube videos.
X Empire price could struggle before rebounding
X Empire chart by TradingView
X Empire and other Telegram tokens have dropped sharply, leading to weak sentiment among traders. Some investors have likely moved to other fast-growing meme coins like Popcat and Cat in a Dog’s World, which have surged to their record highs.
Therefore, the X token price will likely continue falling, with traders targeting this week’s low of $0.000036. In the future, however, X and other Telegram tokens may bounce back as investors buy the dip.
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