The X2Y2 market price has been on the rise since February 16. It has increased more than 200% in just two days.
It was trading at $3.56, up 16.20% over the past 24 hours after hitting a daily high of 4.17 and a low of 2.64.
Though it is normal to see a new token rise immediately after launch, X2Y2’s surge has made headlines after jumping by over 200% in two days. Let’s take a deep dive into what is propelling the surge.
Why is the price per token of X2Y2 rising?
Launch of X2Y2 on February 16th was one factor in the current X2Y2 price spike. The X2Y2 Ethereum NFT trading platform team used a vampire attack to distribute tokens free of charge to encourage OpenSea users. The same strategy was used by LooksRare.
LooksRare gave tokens to OpenSea users who traded more than 3 ETH on OpenSea. It also rewarded active users. The method generated some traffic for LooksRare but it also led to some possible cases of wash trading on OpenSea.
X2Y2 distributed 120 million tokens. That’s 12% of its 1 Billion token supply. It also gave away 861,417 wallets that had traded on OpenSea from mid-June to mid-December 2021. Token distribution was proportional with their OpenSea trading. Airdrop claimants were required to list their OpenSea-listed NFTs at the same price on X2Y2 in reciprocation.
OpenSea remains the most popular NFT trading hub, even though it does not own a cryptocurrency token. But other alternatives are rapidly emerging to improve the user experience and try to capture the OpenSea user base. Airdrops, like the one that X2Y2 did, are another way competitors do it.
The design of X2Y2 tokenomics was nearly identical to that of LooksRare’s (LOOKS) token. However, X2Y2 will not reward users for trading but rather pay token stakers and an additional platform cut-off fee in WETH.
The annual yield for staking X2Y2 tokens is currently over 8000%. Additionally, the platform rewards NFTs.
Listing an NFT on the X2Y2 network is considered an NFT stake and allows users to receive free rewards.