From a launch price of $0.62 to over $8 in barely 3 weeks, $PLAY token has massively rewarded early adopters.
PLAY Token Sees Massive Spike In Price Post Launch
A newly launched nano-cap token, PolyPlay ($PLAY) had an astonishing gain of over 1,200% in less than 30 days!
The token has been ultra bullish since it was launched on July 24. When it was launched on PancakeSwap, $PLAY was priced at $0.62 according to PolyPlays website. At the time of writing, 1 PLAY token goes for more than $8, according to Coinmarketcap.
What Prospects Does $PLAY Have?
The fact that PolyPlay is a micro-capitalization token is probably the most optimistic tone one can strike. $PLAY’s fully diluted market capitalisation is about $8.5 million – , but it is a double-edged sword.
This can magnify the risk of the token as it is a nano-cap token. The scale of this market is extremely small meaning a little capital can cause significant volatility. In the fast-moving world of crypto, consolidating gains is not always easy – high risk high reward.
GameFi is relatively still in its infancy, but it has caught the fad of the crypto community. As the GameFi momentum grows, PolyPlay may be on its way to becoming another community-favourite. The platform has tournament-style e-sports for both amateur and professional players.
Players stand to win real money at different stages, with the tournament winner pocketing as much as $1,200 in prize money. The allure of winning real money is likely to be an incentive that will drive users to adopt PolyPlay’s $PLAY token.
Why The Meteoric Increase In $PLAY’s Price?
There are a couple of ways we could explain why $PLAY has seen a price explosion. Some of the plausible reasons include:
Low Total Supply: $PLAY has a maximum supply of only 1,000,000. Generally, if a token has a low total supply and the project appeals to the crypto community, there is an intense buying pressure on the token, which forces the price upward.
The team is known: In crypto and DeFi, scam projects are prevalent. The crypto community tends to trust projects whose team is not anonymous. The full disclosure of the team behind $PLAY may have played a role in its acceptance by the community.
Blockchain gaming and DeFi (GameFi) is the rave of the moment: Right now, blockchain gaming is the hottest trending DeFi ecosystem. Many gaming protocols like Axie Infinity and CryptoBlades have amassed large followership and price growth. It is not much of a surprise that $PLAY has followed the same curve.
PolyPlay is a blockchain gaming protocol. The platform describes its platform token, the $PLAY, as a gold standard gaming token.
PolyPlay will run e-sports tournaments in which players can win real money. The prize money will come from fees generated by transactions on the platform.
The team hopes that PolyPlay will be the next big thing in blockchain gaming and GameFi.
Follow PolyPlay’s official links to learn more about the platform:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.