In the last 30 days as the cryptocurrency market has been struggling with corrective price movements, a metaverse coin from the play-to-win ecosystem has gained over 1000%. This momentum is due to its listing on new exchanges with million users. More interesting is the series of stock market ventures that the project targets for the remainder of the year.
Metaverse coin reaches $2 billion market cap despite stagnant market
Throughout March, we saw projects from DeFi and the metaverse coin market take the stage. A recent example is Xido Finance (XIDO), an automated market maker (AMM) with a supply of 100 million XIDO tokens that offers yeild-farming incentives to liquidity providers. The play-to-win game project was officially launched this week to “take the first step in the metaverse.” Subsequently, the game’s native cryptocurrency XIDO was launched on the XT.com crypto exchange in Singapore. XIDO reached $81.08, up more than 200% from its valuation a week ago, with a market cap of 2,049,535,000. It has gained 1,176 percent in the last 30 days before returning most of its gains. Current levels are forming 75.23% below ATH of $105.46. XIDO reached this peak on March 18.
Xido Finance debuted in the third quarter of 2020, with the XIDO token launching in June and reaching $481 in the same month before falling sharply. The Binance Smart Chain (BSC)) ecosystem was chosen to launch the project. According to the company, the goal of Xido Finance is to “enable the establishment of a fully transparent, community-owned and open-source oracle platform.” According to the project’s website, Xido Finance wants to make deals with more exchanges this year to create its own wallet and also sell XIDO. Later this year, XIDO Finance plans to release new updates.
What is the metaverse?
Metaverse can be defined as a virtual world consisting of divisible parts (topics) that can be assigned to individuals and commercialized in various ways. One of the most important innovations of the twentieth century is the internet. It crosses the gap between individuals and connects the world. You can simply communicate with someone on the other side of the world. With Metaverse, you can purchase any product or service in minutes using your smartphone.