By Bentley Kapoor (India)
When trading began, the new Ethereum token by Atari fell off a cliff, leaving investors wondering the reason behind the dump. Atari Interactive, a legendary video game developer, had decided to make their first attempt at a gaming digital currency with the introduction of the Atari Token (ATRI). However, the token fell by nearly 70% within its first 36 hours of trading. As a matter of fact, the current price of the token is far below the public sale price and is even lower than the discounted price it had during the presale rounds. Conducted on the Bitcoin.com exchange, the token sale concluded two days before trading was initiated.
According to reports, the sale had been marred by a number of mishaps. Some of the challenges that surfaced included non-crediting of funds, order processing, along with delays in withdrawals of nearly 16 hours. No comment has been made by the Atari token team regarding these problems and even though their Twitter account is usually active, it has been strangely silent in the last couple of days. On November 2nd, by the time the participants of the public sale were able to get access to their ATRI tokens, its price had already plunged around 3 pm UTC.
As a matter of fact, the price fell to as low as $0.04, which is an 84% reduction from the public sale token price that had been set at $0.25. A total of three presale rounds had been conducted and the tokens were sold at a discounted rate during these rounds. In the first two rounds, the discounted price for the tokens was $0.8, whereas it had been set at $0.16 in the third round. In every single round, the token sales were able to reach the hard cap amounts set at $1 million for every round.
Also read:Even though the ATRI token was initially launched on the Bitcoin.com exchange, its trading volume didn’t take long to migrate to Uniswap. The decentralized exchange now holds the most popular pairing of the token i.e. ATRI/WETH. The mission of the Atari Token is to incorporate universality and decentralization in the interactive entertainment and video game industry. Thus, ATRI would be utilized as a utility token across numerous aspects of interactive entertainment, including different video games. Atari had first made the announcement about the concept of this token in June of this year.
Atari announced on November 2nd that the ATRI token would be used by the online multiplayer game called Karma the Game Destiny. The token would be used as in-game currency for transactions and making purchases. Along with its utility token, the video game developer also has plans for launching a series of NFT collectibles. The first series that will be released on the WAX blockchain includes video game box art from the original console games launched by Atari. These would be enhanced by graphics, added motion, along with 3D elements. The fate of the ATRI token remains uncertain for now.
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