BIGTIME Soaks 265% in its Debut Week, Giving Analysts Supply Concerns
The BIGTIME cryptocurrency, issued by Big Time, saw a 265% increase in its first week of trade. With rapid expansion comes supply concerns, analysts say.
BIGTIME, the in-game currency of Big Time, a blockchain-based multiplayer game, saw a staggering increase of over 265% in its first week of trade.
This incredible growth has occurred since the coin was introduced to major trading platforms like OKEx and Coinbase last Wednesday. The price of BIGTIME soared to a new all-time high of $0.35 on Friday, as reported by Coingecko.
In sharp contrast to the general cryptocurrency market, which suffered a 2.7% drop to $1.12 trillion in the last 24 hours, this exceptional success is noteworthy.
BIGTIME Provides an Economy Based on Cosmetics
Big Time is a massively multiplayer online role-playing game (MMORPG) in which players assume the roles of historical figures from different eras and express their individuality via the use of cosmetic items and non-transferable tokens (NFTs). Players need SPACE, a piece of virtual real estate outfitted with useful NFTs like the Armoury, Forge, and Time Warden, before they may begin their crafting quest.
Players can make, improve, and revive hourglasses (valuable NFTs that reward players with BIGTIME tokens) at the Time Wardens’ one-of-a-kind workshops. Five billion BIGTIME tokens are available in the game and can be used for a variety of things, such as entering prestige portals or using the Forge and Armoury.
BIGTIME tokens can be obtained not just through gaming prizes but also through in-game drops. In order to acquire these tokens, one must go on interesting adventures and be prepared with various artefacts resembling an hourglass.
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Analysts Warn Against Supply and Hype Problems
Bigtime tokens are in strong demand, but not everyone is certain that the recent price increase will hold. Delphi Digital, a crypto research organisation, estimates that only 5% of BIGTIME’s total supply is in circulation (the rest having been given away in airdrops).
The token price is inflated by this mechanism of artificial scarcity, but this may not be sustainable in the long run. Limiting supply can help stabilise prices in the short term, but it will likely lead to a massive sell-off early in the game’s lifespan, which might do serious damage to the game’s reputation.
“The token price could be propped up by limiting the circulating supply for a time,” Delphi Digital stated, “but it will inevitably dump this early in the game’s lifecycle, and it will be hard to recover from the reputational damage.”
In addition, Blockchain researcher Loch has voiced doubts about the tokenomics, claiming that the exact market cap is unclear. However, while the FDV has reached a mind-boggling $1.2 billion, the market cap has remained substantially lower at roughly $40 million.
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