Xai (XAI), a Layer 3 gaming network, experienced a sharp recovery after its AirDrop, reaching an all-time high of $0.945 today. The token’s price surged by approximately 40% following the AirDrop, which was part of Binance‘s 43rd Launchpool. Spot On Chain, an on-chain data provider, issued an alert for the altcoin post-AirDrop.
Xai’s first significant AirDrop of 2024 distributed tokens worth $70 million to eligible wallets on January 9. The Xai Foundation announced that 125 million XAI tokens, representing 5% of the total supply, were sent to wallet addresses.
Spot On Chain revealed that 1.575 million XAI tokens, valued at $1.48 million, were sent to six wallet addresses believed to be controlled by a single individual. This raised concerns about the concentration of tokens in the hands of one user, potentially impacting the token’s price.
The current situation indicates that a single user received a significant amount of XAI through the AirDrop, which could temporarily influence the price. CoinMarketCap data shows XAI trading at $0.9045, a 38.80% increase in the last 24 hours, with the ATH recorded at $0.945.
Xai’s ability to maintain levels above the ATH suggests the potential for further price discovery. The Relative Strength Index (RSI) has not crossed the overbought threshold of 70 in the 4-hour timeframe, indicating the possibility of continued price increases.
