Do LUNA HODLers have a reason to smile with new ‘Expedition’

Inspired by Pokémon GO, Expedition is Terra based Play-to-Earn Augmented Reality (AR) game that recorded 65,000 waitlist signups on the 27 April being its first day. While leveraging the AR technology, the game allows its players to earn $LUNA.

Now the pertinent question is- Since waitlisting started, how has the $LUNA token performed?

Do LUNA hodlers have a reason to smile?

In the last 24 hours, at a price of $84.88, LUNA recorded a 2% spike. The current price of this coin represented a 28% decline from its ATH of $119.98, a milestone it reached just a month ago.

On a price front, no significant traction was recorded following the announcement and the subsequent waitlisting. Rather, the coin further declined in price. On a 7-day window period, the price of the coin recorded a decline of 11%.

Source: TradingView

Standing at $29.2b at the time of this press, within the last seven days, the market capitalization for the token also recorded a 13% decline. Moreover, trading volume in the past 24 hours appeared to have jumped 11%. However, the position of the price of the token and its market capitalization do not appear to have provided any succor to LUNA investors.

In addition, on-chain analysis shows…

Powered by Terra and offering to pay players in LUNA, one might expect the waitlist to be marked by a spike in the developmental activity for the token.

However, reverse was the case. At the time of this writing, the developmental activity for LUNA stood at 44.57 on a freefall from the 44.84 recorded two days ago.

Source: Santiment

Further to this, on a social front, the token toed a similar progression. Attempting an uptrend on the 26 April when the waitlisting commenced, the social dominance embarked on a reversal pushing the index for this metric further downwards.

At the time of this writing, this stood at 0.312%. As expected, the social volume picked up a similar trend. At 91 at the time of this press, the Social Volume of the LUNA token declined by 73% in just two days.

It appears that despite the ongoing boom around play-to-earn games and with the promise of Expedition to reward players with LUNA, these figures depict that investors are rather unmoved.

Are Play-To-Earn tokens worth the hype?

Data from Coinmarketcap showed that Play-To-Earn Tokens at the time of writing has a market capitalization of $11.8b. As more players begin to engage within that ecosystem, the possibility of a significant boom in that figure can’t be ruled out.