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Following Arbitrum’s (ARB) lead as a “Layer 3 gaming network,” Xai (XAI) has quickly recovered after a sharp decline post-AirDrop. Today, the price of Binance‘s 43rd Launchpool rose by approximately 40% to $0.945, reaching an all-time high. Following this surge, an AirDrop warning for the altcoin came from the on-chain data provider Spot On Chain.
A Single User Received 1.575 Million XAI from the AirDrop
Xai, marking one of the first significant AirDrops of 2024, distributed tokens worth $70 million to eligible wallet addresses on January 9th. The Xai Foundation announced at the time that 125 million XAI tokens, corresponding to 5% of the total supply, were sent to wallet addresses.
The on-chain data provider Spot On Chain issued a pinpoint warning for XAI, which collapsed after the completion of the AirDrop and then rapidly recovered to an all-time high. The data provider discovered that 1.575 million XAI tokens, valued at $1.48 million, went to 6 wallet addresses believed to be controlled by a single individual.
This indicates that a single user received a substantial amount of XAI through the AirDrop, potentially having temporary, yet significant, influence over the price.
Current Status of XAI: Breaking Records
According to data provided by the crypto data platform CoinMarketCap, XAI is trading at $0.9045, up 38.80% in the last 24 hours at the time this article was prepared. The data shows that XAI’s all-time high (ATH) was recently recorded at $0.945, and the current price is 4.5% below the ATH.
If XAI maintains levels above its ATH, it will enter a price discovery phase. The fact that the Relative Strength Index (RSI) has not exceeded the overbought level of 70 in the 4-hour time frame suggests that the price increase may continue, which is quite valuable.
