Connect with us
Active Currencies 14444
Market Cap $2,708,949,018,125.30
Bitcoin Share 50.30%
24h Market Cap Change $1.70

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

2min Read

Share this article

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.

Share

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.