As we went into the weekend, the Elon Musk-themed Telegram-based meme coin X Empire (X) became the top-performing cryptocurrency but now X seems to have lost the edge like HMSTR. The market is gripped by crypto holders panicking about their X holdings as the X Empire followed a downward trend on Monday, October 28.
The meme coin got two days to consolidate over the weekend but instead of gaining it’s on a downward trend, disappointed holders who invested in the newly launched X Empire. Although the X token gained 400% in the first hour of its launch, it soon entered a slump with no signs of regaining momentum, just like the price pattern of HMSTR. Both these cryptocurrencies are facing heavy losses at present.
However, this downward trend exhibited by X Empire didn’t start with the launch, it was visible much earlier, claims some crypto analysts. X Empire, one of the popular games on Telegram has a user base of 50 million similar to Hamster Kombat’s 300 million user base. Due to its popularity and community support, this digital asset was listed in major crypto exchanges on October 24 and became a trending crypto by October 25 day end.
But similar to other trending digital assets, X is struggling as its value reduced by 28.7% as the market opened on Monday, October 28. X Empire has declined 2.84% in the past 24 hours. By the evening X reached the $0.00005678 level with a market capitalization of $39.71 million.
The X token’s trading volume also went down to reach $36.57 million. The token had a listing price of $0.00009599 and almost $100M in market capitalization. So, a $350 million trading volume on Monday evening suggests a strong demand for the meme coin which could have plunged because of the airdrop volatility.
Crypto investors have been jittery about the X Empire’s future since the airdrop, and the token’s price performance has further fueled this. While analysts expected that the meme coin would be listed at $0.0002 it was listed at less than half the price of that, at $0.00009599. Further, the price was predicted to rise above $1 instead it went down to $0.00005678. All this has made the recovery of X Empire harder.
However, many are still banking on the X token because of its popularity and recovery after volatility, suggesting that it will touch the $0.000106 resistance level next. Some crypto analysts even predicted that X Empire could surge to $0.000126. There’s a possibility of a season 2 launch and if the bulls are tamed and if the same hype is generated the ATH could cross the ATH of $0.0001301 mark it had seen after the launch.
Out of the X Empire’s 50 million user base, only 6 million were eligible to participate in the airdrop which was the reason behind its downfall. But the proposed features and updates in the next version of the game have renewed the hope of X holders as they want to see the token peak at $1. Given that X Empire is following a similar price pattern like HMSTR it is likely to touch the $0.0001301 level next month if it beats all the odds.
As of October 28 day end, X Empire is down 11.41% as it trades at $0.00005256 with its market cap remaining unchanged at $36.53 million while trading volume has decreased by 27.64% to touch $37.10 million.