Arbitrum-based and gaming-focused “Layer 3” network Xai Blockchain’s native token XAI coin has seen a strong price increase. As of the time of writing, the XAI price continues to trade at $1.12, a 24.69% increase, with a market value of $311 million. Earlier in the day, the increase in XAI price had reached a rate of 40%.
Why Is XAI Coin Rising?
Offered as a solution to Ethereum scaling, Xai on Arbitrum aims to be a new milestone as a gaming network. In this context, it launched an airdrop to its early users last week.
In line with this, it carried out a significant transfer of 125 million XAI tokens to its first users and supporters. This move was intended to reward the early interest of the community.
The XAI token made a strong entry last week. This entry attracted investors’ attention with an initial value of $0.77. Despite the sharp price movement, the altcoin could not maintain a strong stance and temporarily fell to $0.45.
Despite the initial drop, it showed a solid stance and experienced a sharp rise from around $0.60 in the early hours of Sunday. In light of the latest price situation, the token’s price hosted an important increase of approximately 87% in just a one-and-a-half-day period.
In addition, Binance came to the rescue of the XAI token, and after the announcement of a listing news, more vigorous movements were seen in the price rally.
Xai Network Rewards NFT Collectors
The XAI team made a significant move by carrying out a strategic action to strengthen network support. The airdrop conducted by the Xai team last week brought smiles to the faces of early Xai NFT collectors.
The value of the entire airdrop also saw a noticeable change. Shortly after the token launch last week, an incredible rise occurred from the initial estimate of $70 million to $140 million, reflecting a notable growth to investors.
Taking into account the discussed factors, XAI is expected to fluctuate between $1.070 and $1.466. If the upper limit of this projection is reached, there is a significant potential for an increase of nearly 35%, which would bring XAI to $1.466.
While such airdrops please investors before the expected bull run, where the price may head is already a subject of curiosity.
