XMON (XMON), a cryptocurrency project or artificial intelligence coin operating in the field of artificial intelligence (AI), has fallen by over 90 percent recently. Here are the details…
Artificial intelligence coin, 90 percent down
XMON, the native token of the NFT platform, created by Sudoswap developer 0xmons to create pixel monsters, has experienced a short-term drop of over 90 percent according to PieDun data, as we reported as Kriptokoin.com. The coin fell 85.3 percent in 24 hours to $3,666.92. Community user “lumpsugar53” said it could be related to unlocking XMON commits.
Additionally, it was pointed out that in the future XMON tokens will probably have nothing to do with the Sudoswap administration. In January of this year, Sudoswap launched its management token SUDO and initiated airdrops and unlocks. Early sudoAMM LPs (trade pool only) and 0xmons NFT holders (before snapshot date) received SUDO airdrops. However, XMON holders can obtain their passable SUDO tokens from the lockdown activity. Then, from the contract distribution, the coins were locked for 1 month and obtained 10,000 SUDOs for each locked XMON.
What had happened?
At the end of January, SudoSwap made an announcement. announced the launch of the SUDO token on Monday, January 30. The updated token version included an airdrop for the initial backers of the project. SUDO airdrop rewards liquidity providers (LPs) on the platform. SudoSwap is a different NFT marketplace from its OpenSea counterparts. It’s more like an automated marketplace generation platform like Uniswap. The only difference is that this market is for NFTs.
SudoSwap enables the creation of liquidity pools for NFTs. Therefore, there are liquidity providers, users who provide liquidity in the form of NFTs and cryptos to enable trading, and the airdrop is designed to reward them. LPs were not the only ones who would benefit from the airdrop, as XMON holders could also qualify for the airdrop. XMON is the native token of the 0xmons ecosystem created by the founders of SudoSwap and includes an NFT collection.
XMON holders have locked their tokens for a month to receive the SUDO airdrop. 10,000 SUDOs received for each locked XMON. SudoSwap had stated that the initial airdrop distribution would be “non-transferable”. The decentralized autonomous organization (DAO) created thanks to the token launch has voted to unlock the ability to transfer these tokens. Therefore, SUDO acted as the governance token of the SudoSwap DAO. Participants holding up to 300,000 tokens posted management recommendations on the DAO forum. However, the unlocking of the tokens that were locked on January 30 seems to have negatively affected the coin, as seen in the chart above.
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