Space Crypto is a GameFi project set in the universe built on 2 blockchain platforms, Binance Smart Chain and Solana, combining NFT, Play to earn and Metaverse. The game is developed and mentored by an experienced team in the fields of game development, blockchain, DeFi in Vietnam. Officially IDO on December 22, SPG – the main token of Space Crypto was immediately accepted by the market, with the price of this token immediately after being listed on the floor increased hundreds of times compared to the IDO price.
However, just a few days ago, Space Crypto experienced a token price fluctuation in the blockchain market in a short period of time, when SPG suddenly dropped by 4 times in value. In the community of Space Crypto, some unverified information also appeared, making many investors in this project feel bewildered.
Before this issue, Mr. Giang Nguyen, CEO of Space Crypto, gave official explanations.
According to Mr. Giang, the fact that a large amount of SPG tokens were released into the market is not the result of a ‘wallet hack’ as some unverified information on the network. Through inspection, Mr. Giang confirmed that the wallets containing tokens held by this project’s development team are safe and have no signs of being hacked. Accordingly, all information including the number of tokens and transactions is transparent and public on the blockchain, which allows users to check with the BSC Scan website.
Regarding some ideas that these tokens could be sold by some strategic investors of Space Crypto, CEO Giang Nguyen denied this. According to Mr. Giang’s explanation, the project’s VCs (Venture Capital – venture capital funds) have been selling tokens for a long time. The project itself does not record any sales from wallets owned by VCs, or notifications about these wallets being hacked.
Instead, these massive sell orders actually came from ‘whales’ – individuals or groups of investors who own a large amount of SPG tokens – who poured out into the market to ‘ take profits’, as noted by the Space Crypto project development team.
Accordingly, these investors bought a large amount of the project’s tokens in the price ranges from 0.2 to 0.8 USD, before performing a massive sale on February 12 when the price of SPG reached the threshold of 2.7 USD. Worth mentioning, the rapid and strong price drop has caused panic among retail investors, invisibly triggering the sell-off of SPG from these investors. It is these factors that have caused the value of the SPG token to plummet to the $0.65 region, from $2.7.
However, very quickly after that, the value of SPG immediately rebounded when the bottom-fishing force from individual and institutional investors was still very strong. It is the bulk buy orders that have helped the token value of Space Crypto return to the price area above 2 USD/SPG token.
“We don’t want to develop a game in the form of an early bloomer. Instead, we want to create the largest blockchain game project in the world,” affirmed Mr. Giang.
At the present time, although the cryptocurrency market is still in an unstable period, Space Crypto is creating a ‘new fever’ of blockchain games in the international market. The market capitalization of Space Crypto has just reached 3 billion USD, with a large community of over 267,000 followers in more than 13 countries. The game is expected to resonate and become a phenomenon like Axie Infinity has done before. It is expected that Space Crypto will officially launch the game on February 15.