Another token from Telegram Mini App in the form of Tap-to-earn has just been listed on the exchanges, Memefi (MEMEFI). With over 20 million participants and 4 million players per day, many players expect to receive a significant Airdrop. But the MEMEFI price has dropped sharply on the first day of listing.
Here are the summaries and observations from BeInCrypto on the MEMEFI price and the community's reaction after the team made major changes to this token.
MEMEFI price drops 50% compared to pre-market price
Before officially listing, MEMEFI was the token with the largest pre-market trading volume on OKX, surpassing other tokens like Notcoin (NOT), Catizen (CATI), Hamster Kombat (HMSTR)... The average pre-market price was $0.013, and in October, MEMEFI even had a price close to $0.03 on the pre-market. But after listing, under the pressure of Airdrop selling, MEMEFI is currently priced at $0.0065.
Memefi (MEMEFI) price performance. Source: BeInCrypto.The 50% drop upon listing has made the converted value of MEMEFI "insignificant" compared to the effort that players have put in. Memefi says they are distributing to 10 million eligible players. Observing the community in Vietnam, the average Memefi player can earn a few tens of dollars, not worth the time they have spent for months.
CoinmarketCap data shows that the MEMEFI market capitalization reached $68 million, with a daily trading volume of around $300 million. Although it is currently the Tap-To-Earn token with the highest 24h volume in the system, the MEMEFI market capitalization ranks 7th, still less than half of X Empire (X) or Catizen (CATI).
Memefi team's decisions disappoint players
A recent analysis by investor Wyck has identified 5 reasons why the Memefi Airdrop has disappointed players.
- Memefi has delayed the token launch several times. After each delay, players spend more on TON and Telegram Star.
- Memefi promotes point purchases through sales packages. This has made Memefi a form of barter to generate revenue, rather than community-driven.
- The Airdrop for Premium users is not as expected. Premium players were promised 15 times the allocation of regular players. But this was not adequately implemented, making players feel cheated and undervalued.
- Staking APY has dropped sharply. Memefi had advertised a fixed APY for staking, but the rewards have been significantly reduced after staking was full.
- Doubts about the Lamborghini giveaway. Memefi announced that they wanted to give away a Lamborghini to a premium user, but there was a lack of transparency, no evidence or announcement of the winner.
Agreeing with Wyck, investor Pavel Durov (Parody) predicts that the MEMEFI price will continue to decline:
"I have unstaked my MEMEFI and here's why. Initially, the staking reward was around 100%, but it has now dropped to 25%. This sudden change does not satisfy me. Looking at the market dynamics, I think selling right after launch seems more reasonable. The selling pressure from Airdrop sellers could lead to a significant price drop. When the price stabilizes, I will consider buying back at a lower price." - Pavel Durov (Parody) commented.
However, there are still many investors who believe that the MEMEFI price can rise due to positive market conditions.
"Many people regret selling X Empire too early. Don't make the same mistake again; this is a bullish market and MEMEFI will soon be pumped. Being dissatisfied with the allocation does not mean it won't pump." - Investor Musa predicted.
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