X Empire, a popular Telegram game with over 50 million users, experienced a significant drop following its token generation event this week.

The X Empire (X) token fell by 25% on Oct. 24, hitting a low of $0.00005925 and reducing its market cap to $42 million. This decline is consistent with the performance of other Telegram tokens launched this year.

Notably, Notcoin, the first tap-to-earn token to go public, has decreased by 78% from its highest recorded level. Similarly, Catizen has seen its value drop from $1.1990 in September to $0.3760. Hamster Kombat, which garnered over 300 million users, has also struggled, with its token falling by 80% from its all-time high. Consequently, many X holders likely sold their tokens to avoid a similar fate as other Telegram tokens.

Challenges Facing Tap-to-Earn Tokens

This performance trend is not unique to X Empire. Many tap-to-earn and play-to-earn tokens have started with substantial hype only to decline over time. Tokens like Axie Infinity, Decentraland, and The Sandbox have all experienced double-digit drops from their peak values. Similarly, most move-to-earn tokens, such as Sweat Economy and StepN’s GMT, have also seen significant declines.

The crash of X Empire occurred despite being listed on major centralized exchanges, including Bybit, Bitget, KuCoin, OKX, and MEXC. Data indicates that most of its trading volume was concentrated on Bitget, followed by OKX and Bybit.

Developer Incentives and Future Prospects

The ongoing crash happened despite efforts by developers to incentivize holders to retain their tokens. In a recent post, they announced that Meme Lab, a meme coin platform on the TON Blockchain, allocated 2% of its LAB token to X Empire’s holders. Developers also committed to continuing to create utility for the token in the long term.

Memes Lab allocates 2% of Supply for $X holders ⚡️

X Empire is a highly popular Telegram game focused on financial literacy. Users generate tokens by developing their characters and engaging in regular activities like following its social media platforms and watching its YouTube videos.

Price Projections and Market Sentiment

The X Empire token and other Telegram tokens have seen sharp declines, leading to weak sentiment among traders. Some investors have likely shifted their focus to other fast-growing meme coins like Popcat and Cat in a Dog’s World, which have surged to their record highs.

The X token price is expected to continue its downward trend, with traders targeting this week’s low of $0.000036. However, in the future, X and other Telegram tokens may rebound as investors look to buy the dip.

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