Why gaming crypto platform MOBOX (MBOX) volume soared 124%?

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Why gaming crypto platform MOBOX (MBOX) volume soared 124%?

Why gaming crypto platform MOBOX (MBOX) volume soared 124%?
Image source: © Inueng | Megapixl.com

Highlights

  • MOBOX is a gaming platform and metaverse creator that combines DeFi and Gaming NFTs in its play-to-earn ecosystem.
  • MBOX is its native token used as in-game currency, governance token, and for staking to receive MOMO NFT Mystery Boxes.
  • MOBOX has launched a campaign to give away 80,000 MBOX tokens to KuCoin users in rewards to celebrate listing.

The MOBOX (MBOX) token rose around 14% to US$1.18 in the last 24 hours to 4:32 am ET on Thursday. The price jumped after it was listed on the KuCoin crypto exchange on May 18.

It was scheduled to start trading at 10:00 UTC on May 19 and withdrawals at 10:00 UTC on May 20, 2022. The trading pairs offered in the crypto exchange are MBOX / USDT and MBOX / BTC.

To celebrate the listing, MOBOX launched a campaign to give away 80,000 MBOX tokens to KuCoin users in rewards, amounting to approximately US$88,000.

The carnival campaign is from 10:00 UTC, May 19, 2022, to 10:00 UTC, May 26, 2022.

What is MOBOX?

MOBOX is a gaming platform and metaverse creator. The platform combines DeFi and Gaming NFTs to create a free-to-play GameFi metaverse and play-to-earn ecosystem. Its GameFi metaverse, MOMOverse, is a cross-platform metaverse which can be experienced from various devices. The MOMOverse offers rewards for creating content. It rewards developers, players, and collectors for boosting their engagement.

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Why gaming crypto platform MOBOX (MBOX) volume soared 124%?Data Source: coinmarketcap.com

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MBOX token:

MBOX is its native utility token. It is used as in-game currency to purchase characters and lottery wheels and incentivize players for in-game activities.

MBOX is also used as a governance token for voting on proposals related to its platform development and direction. The use of the token is liquidity mining, where users can stake the token in various liquidity pools on the platform besides staking the MOMO NFTs to earn rewards.

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Additionally, users can stake the token for a chance to receive random unique MOMO NFT Mystery Boxes. These NFTs can be traded on the MOBOX NFT Marketplace and used for almost all the games on the MOBOX platform.

MBOX has a market capitalization of US$93.87 million. The token has a circulating supply of 79.85 million out of the total supply of 389.18 million MBOXs.

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Its 24-hour volume rose 124% to US$111.24 million. It is available for trading at Binance, MEXC, Bitget, and Phemex crypto exchanges.

Also Read: Why Ampleforth Governance Token’s (FORTH) trading volume surged 2000%?

Bottom line:

On Thursday morning, the global crypto market was down 3.91% to US$1.23 trillion. Bitcoin (BTC) fell 2.75% to US$28,986.75, and Ethereum (ETH) declined 4.58% to US$1,933.17.

The play-to-earn crypto segment lost around 9% to US$7.29 billion in the last 24 hours, while the NFTs and collectibles category slid about 12% to US$21.59 billion.

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