X Empire token crashes, mirroring Notcoin, Gamee and Catizen

X Empire, a popular Telegram game with over 50 million users, saw a sharp decline following a token creation event this week.

The X Empire (X) token dropped 25% to $0.00005925 on October 24, dropping its market cap to $42 million.

This decline mirrors the performance of other Telegram tokens that have started tokenization events this year.

Notcoin (NOT), the first coin token to go public, is down 78% from its highest level on record. Similarly, Catizen (CATI) fell from $1.1990 to $0.3760 in September.

Hamster Kombat (HMSTR), which has gained over 300 million users, has also struggled, falling 80% from its all-time high. As a result, many X holders have likely sold their tokens to avoid a similar fate with other Telegram tokens.

This performance also mirrors the performance of other “to-be-earned” tokens, which started with significant excitement and then declined. Many of the tokens earned through playing, such as Axie Infinity, Decentraland and The Sandbox, which made headlines a few years ago, have experienced double-digit declines.

Similarly, most swing win tokens, such as Sweat Economy and StepN’s GMT, have also experienced double-digit declines from their all-time highs.

The collapse of X Empire occurred even after it was listed on some of the largest centralized exchanges such as Bybit, Bitget, KuCoin, OKX and MEXC. Data shows that most of the trading volume was on Bitget, followed by OKX and Bybit.

The ongoing X crash occurred despite incentives provided by developers to encourage holders to hold their tokens. In an X-related post, they noted that Meme Lab, a meme coin platform on the TON Blockchain, allocated 2% of the LAB token to X Empire holders. The developers also promised to continue creating benefits for the token in the long term.

X Empire and Mem Lab

Memes Lab allocates 2% of Supply to: $X owners ⚡️

Overview: Memes Lab is a memecoin platform on the TON Blockchain that combines web2 entertainment with web3 earning potential. This platform simplifies memecoin creation, trading and management. Also the application… pic.twitter.com/8DS1gnT28m

— X Empire (@xempiregame) 22 October 2024

For starters, X Empire is a hugely popular Telegram game that focuses on financial literacy. Users generate coins by improving their characters and performing regular activities such as following social media platforms and watching YouTube videos.

X Empire price may struggle before recovery

X Empire chart from TradingView

X Empire and other Telegram tokens fell sharply, leading to poor confidence among investors. Some investors have likely turned to other fast-growing meme coins, such as Popcat and Cat in a Dog’s World, which have reached record highs.

Therefore, the X token price will likely continue to fall, with traders targeting this week’s low of $0.000036. However, X and other Telegram tokens may rebound in the future as investors buy the dip.