In the midst of a general crypto market slump, a ray of shining light appears to be the fantasy sports-centric gaming platform, Battle Infinity‘s IBAT token. On a seven-day streak, the crypto token has rallied, recording a remarkable surge of 150%. Interestingly, it continues to dominate the leaderboards as the ‘Top Gainer’ on major centralized and decentralized exchanges, cementing its current bullish trajectory.
Ponder upon this phenomenon, one might scratch their heads about the forces behind this upward price momentum. Arguably, a triage of catalysts seems to have positively impacted the crypto token’s price evolution.
A strategic move by Battle Infinity that cast the initial spark was the burning of 50% of the token allocation meant for the team. This move reduced the overall supply of the crypto asset, creating a scarcity effect and thus driving up the price. Fans of the crypto world would remember the day vividly. Within minutes of the announcement, the price of IBAT doubled, rising from $0.000.406 to $0.0008402.
Simultaneously, the commodities market’s rule of supply and demand has been effectively demonstrated; as the amount of a commodity decreases, its price increases. However, the question of how sustainable this model can be in the long run still hangs in the balance, especially given the volatile nature of the crypto market.
Another catalyst for this upturn, though, is the announcement of the completion of the fantasy sports app. Long-awaited by early investors, this marks an important milestone in the project’s roadmap. The anticipation surrounding this news showcases the team’s commitment to meeting its goals, and could potentially engender confidence among new investors.
Interestingly, the underlying technology of Battle Infinity’s fantasy sports platform draws inspiration from blockchain, planning to incorporate the much-hyped NFTs and play-to-earn elements. Harnessing these cutting-edge elements, coupled with the upcoming launch of its cricket fantasy league ahead of the Cricket World Cup 2023, positions Battle Infinity to exploit a rather untapped audience. However, it’s worth noting that claiming market share from incumbent legacy platforms won’t be a walk in the park.
In its journey to disrupt the gaming landscape, Battle Infinity proposes an innovative staking service, offering its token holders a chance to generate passive income, alongside an enticing ambassador program, both of which are designed to pull in more followers. The efficacy of these initiatives, however, remains to be seen.
In summary, while the IBAT token is enjoying a thrilling increase, it dangles between the pillars of enthusiasm of the new crypto trend and the uncertainty of a highly unpredictable market. How this narrative will unfold is anyone’s guess, but it certainly promises an exhilarating watch. The underpinning question remains whether the IBAT token will continue its bullish course or become another flash in the volatile world of crypto.
Source: Cryptonews
