Pixelverse’s PIXFI token surges nearly 50% in a few hours after airdrop

According to Mars Finance, Pixelverse conducted the much-anticipated PIXFI token airdrop on July 18. According to CoinMarketCap data, the token rose nearly 50% in the first few hours after listing, and its market value once approached $200 million, and then fell back.

PIXFI tokens are currently listed on multiple centralized exchanges. Pixelverse said in a post on the X platform that this airdropped 10% of the total supply of PIXFI to holders of its rare, epic and legendary NFT collections, and the project will redistribute 20% of tokens to users of Pixelverse and Pixelchain over time.

Pixelverse is the project behind the popular Telegram game PixelTap, a cyberpunk-themed mini-game that reportedly attracted 50 million new users in June alone. It is located on TON, a first-layer blockchain originally developed by the Telegram messaging application team and now managed by the TON Foundation.

The airdrop is designed to avoid the sharp sell-off that is common after the distribution of free tokens. The airdropped tokens are automatically "staked" for additional rewards, and there will be a 90% penalty for withdrawing tokens immediately. Pixelverse said on X that while early airdrops were seen as rewards to real users and were welcomed by the community, token farming and shibble attacks subsequently became prevalent among diligent users, and airdrops these days often trigger community outrage and negative action on token prices.