XMON Token Faces Significant Plummet, Concerns Over Future Relationship with Sudoswap Governance

03/02/2023 05:33 • Blockchain Briefs • 83 views

It is reported that, according to Paidun data, XMON, the native token built by Sudoswap developer 0xmons for summoning neural network to generate pixel monster NFT platform, experienced a short-term slump of more than 90%. According to coingecko data, the current XMON has dropped from $25000 to $3666.92, with a decline of 85.3% in the past 24 hours. The community user @ lumpsugar53 said it might be related to the release of XMON pledge. In addition, the future XMON token is likely to have nothing to do with Sudoswap governance. In January of this year, Sudoswap released the governance token SUDO and launched lock-in and airdrop. Early sudoAMM LP (only limited to the transaction pool) and 0xmons NFT holders (before the snapshot date) were eligible to obtain SUDO airdrop, while XMON holders could obtain SUDO tokens through lock-in activities. After that, after being locked for 1 month from the contract deployment, each locked XMON could obtain 10000 SUDOs.

Or a short-term slump of more than 90% due to pledge unlocking of XMON

Analysis based on this information:

The XMON token built by 0xmons, developer of the Sudoswap platform to summon neural networks to generate NFTs on the pixel monster platform, took a major hit recently with a decline of 85.3% in the past 24 hours, according to coingecko data. This drop represents a significant decrease in value, from $25,000 to $3,666.92. This has led many in the community to express their growing concerns about the token’s future and relationship with Sudoswap governance.

One community user, @lumpsugar53 suggested that the XMON pledge release might be the reason for the decline. Additionally, it is believed that the future of XMON tokens may not be tied to Sudoswap governance. In January of this year, Sudoswap launched the governance token SUDO, which was available through lock-ins and airdrops. Early LPs and NFT holders of both Sudoswap and 0xmons were eligible for the airdrop, while XMON holders were only able to obtain SUDO through lock-in activities. After a month of locking, each locked XMON token was awarded 10,000 SUDOs.

Despite the promising announcement of the governance token, many XMON token holders have felt left out of the process. The recent drop in value has only compounded concerns about the token’s future. While there is no clarity on the relationship between Sudoswap governance and XMON tokens, the recent downward trend has experts worried.

Sudoswap has gained a reputation for being a community-focused platform for NFTs, which means that their governance token, SUDO, has become a promising asset for token holders. However, the lack of clarity around XMON tokens’ place in Sudoswap governance could jeopardize the potential gains that XMON holders could earn.

To some, the recent value drop in XMON tokens might present a buying opportunity for savvy investors. However, for many existing token holders, the current situation has caused significant concern. Given the current volatility of the NFT market, predicting the future value of XMON tokens is challenging.

In conclusion, the recent plummet in XMON token value and uncertain relationship with Sudoswap’s governance token, SUDO, has come as a shock to XMON token holders. The community is currently waiting for more information about XMON tokens’ future and hope that Sudoswap will provide some clarity on the matter. For now, some investors may view the current situation as an opportunity, but existing token holders remain cautious about the value of their investment.

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