‘Off the Grid’ GUN Token Sinks Following Game’s Avalanche L1 Launch

GUN is at present priced simply above $0.76, down over 24% since launch per information from CoinGecko. GUN rose as excessive as $0.115 earlier Monday, however then has dipped by almost 34% within the hours since touching that peak.

It is common for newly launched tokens to shortly peak after which lose worth as extra customers get their arms on the cash and begin buying and selling them into the market. However the GUNZ launch has left some as-yet-unanswered questions which will even be driving issues across the full extent of the rollout.

Whereas the GUNZ community has launched its mainnet and the GUN token is now actively being traded, Off the Grid—the sport on PC, PlayStation 5, and Xbox—nonetheless has but to make the transition from testnet to mainnet.

Bringing the GUNZ mainnet into Off the Grid will unlock the flexibility to commerce in-game gadgets as NFTs—which some enterprising gamers have preempted through a thriving black market across the recreation forward of the mainnet rollout. The sport’s replace may even allow use of GUN as a correct crypto token. It at present acts very similar to an in-game foreign money, and gamers’ GUN balances are set to be wiped within the transition to mainnet.

Gunzilla Video games didn’t instantly reply to Decrypt‘s questions relating to the timeline for Off the Grid’s mainnet launch.

Within the GUNZ Discord server earlier Monday, Gunzilla Video games Director of Web3 Theodore Agranat informed gamers that the “migration of recreation to mainnet might be labored on now,” however didn’t specify an ETA for the transition.

Simply over 6% of the entire provide of 10 billion GUN tokens are in circulation as of this writing, with a lot of that circulating provide devoted to the Binance Launchpool rewards marketing campaign for customers of that crypto alternate.

Such a small float signifies that the market cap for GUN sits under $47 million as of this writing, although the totally diluted valuation or FDV for the token is at present round $760 million—and peaked above $1 billion earlier within the day.

As of this writing, GUN is ranked because the 662nd most respected total cryptocurrency based mostly on market cap. Nonetheless, its FDV outranks lots of the most respected gaming tokens with a lot bigger circulating provides, reminiscent of Gala Video games (GALA), Axie Infinity (AXS), and Ronin (RON).