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Gaming giant Nexon launches token via blockchain subsidiary

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Nexon’s blockchain arm has launched a new token to boost user engagement and ecosystem growth in its web3 game.

South Korean video game developer Nexon’s blockchain subsidiary NEXPACE has announced the launch of its own cryptocurrency to enhance user participation and drive ecosystem growth within its web3 game called MapleStory Universe.

In a Medium announcement on Aug. 27, NEXPACE said the so-called NXPC token is designed to allow players and community members to contribute directly to in-game content creation, a role traditionally reserved for game developers.

MapleStory Universe, a web3 spin-off of Nexon’s 2003 2D online game MapleStory, is built on the Avalanche blockchain and incorporates non-fungible tokens at its core. The NXPC token is expected to allow contributors to interact with in-game items, promoting a “natural flow of community-driven growth,” the company said. While specific details were not disclosed, it is expected that the token will also be based on the Avalanche blockchain, in line with the game itself.

NEXPACE says the token would allow contributors to interact with in-game items within the game, promoting a “natural flow of community-driven growth.” While the company did not specify, it is supposed that the token would be based on the Avalanche blockchain just like the game itself.

This isn’t Nexon’s first foray into the world of cryptocurrency, though it represents the company’s dedicated efforts focused on the blockchain sector. The company previously purchased over 1,700 (BTC) for approximately $100 million. At the time, Nexon chief executive Owen Mahoney said the purchase “reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets.”



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Avalanche

AVAX sees 12% price jump as Grayscale launches Avalanche Trust

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AVAX, the native token of layer-1 blockchain Avalanche, has seen a rise of 12% in the past 24 hours, making it a top performer among the top 100 cryptocurrencies by market capitalization.

After nearly six months of decline, Avalanche’s (AVAX) price appears to be in the early stages of a potential trend reversal. On Aug. 5, the token hit a nine-month low of $17.29. However, over the past two weeks, it has gained 48%, reaching $25.78.

AVAX sees 12% price jump as Grayscale launches Avalanche Trust - 1
AVAX 24-hour price chart – Aug. 23 | Source: crypto.news

At the time of writing, AVAX’s daily trading volume was around $511 million, with a market capitalization of $10.4 billion, according to data from crypto.news.

Although AVAX experienced a flash crash to $17.55 during Bitcoin’s Aug. 5 correction to $49,500, similar to many other altcoins, it has underperformed the broader market since peaking at $65 on March 18.

The recent positive movement in AVAX’s price may be partly driven by encouraging news. Investors have focused on the Avalanche token unlock schedule, noting that the frequency of token unlock events will significantly decrease after the end of 2024. Many believe these unlocks create selling pressure and hinder long-term ecosystem growth, which is crucial for the token’s value appreciation.

Additionally, on Aug. 22, Grayscale Investments announced the launch of the “Grayscale Avalanche Trust,” providing investors with exposure to the Avalanche ecosystem. On the same day, global asset manager Franklin Templeton expanded its Franklin Onchain U.S. Government Money Fund to the Avalanche network, responding to growing investor interest.

While these developments — such as the token unlock schedule and the announcements from Grayscale Investments and Franklin Templeton — are not directly related to AVAX’s fundamental value, they have likely contributed to more positive sentiment among investors, potentially boosting the token’s price outlook.

AVAX sees bullish sentiment in market

Presently, the price of AVAX is positioned above the upper Bollinger Band, which is at $24.79, suggesting that AVAX is trading beyond the typical range of its recent price fluctuations, and indicating a potentially strong bullish sentiment in the market. Such positioning above the upper band may point to overextension in price movements and could signal an impending retracement or consolidation unless sustained by additional buying pressure.

AVAX sees 12% price jump as Grayscale launches Avalanche Trust - 2
AVAX Bollinger Bands and RSI chart | Source: crypto.news

The Relative Strength Index for AVAX is currently at 61.47, which positions it slightly above the neutral zone but still well below the overbought threshold of 70. This implies that while the market is experiencing some bullish momentum, it is not yet at a level that typically signals an imminent reversal due to overbuying.

The trading volume, noted at 1.072 million AVAX, reflects active participation and can be considered supportive of the current price increase, suggesting a genuine market interest rather than a spurious spike. Given the price’s ascent above the upper Bollinger Band combined with a moderately high RSI and robust trading volume, the market dynamics around AVAX indicate a strong bullish undertone but warrant close monitoring for signs of potential volatility or price corrections.

Investors and traders might consider watching for stability above the upper band or a potential pullback towards the middle band at $21.58 as indicators for future price movements, maintaining a balanced view given the heightened market activity.





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Altcoins

Analyst Unveils ‘Reasonable’ Bull Market Price Target for Solana, Says SOL Following Ethereum’s 2020 Rally

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A widely followed crypto believes that Solana (SOL) can reasonably climb by more than 850% before the current cycle expires.

Pseudonymous analyst Kaleo tells his 643,700 followers on the social media platform X that Solana appears to be mirroring the price action of Ethereum in late 2020 just before ETH skyrocketed to its all-time high (ATH) of $4,878.

“If Solana manages similar growth from the previous ATH that ETH did last cycle during this bull market, $1,000 SOL is a reasonable target.”

Image
Source: Kaleo/X

But Kaleo notes that Solana can climb even higher if it truly follows ETH’s 2020 script. In August 2020, ETH traded at around $308 before witnessing a parabolic rally to its all-time high in over a year.

“Let’s just assume [Solana is] where ETH was in August of 2020 then and we get a 1,400% pump to $2,000+ from here.”

At time of writing, Solana is trading for $146.74, up slightly in the last 24 hours.

The analyst is also keeping an eye on the price action of fellow layer-1 protocol Avalanche (AVAX). According to the crypto trader, AVAX’s current price action is reminiscent of its movements during the first half of 2021.

Back then, AVAX witnessed a deep drawdown prior to a vertical rally that sent the altcoin to record highs of $144.96.

“The current drawdown reminds me of what we saw in 2021 – pump to start the year, bleed off, send to $100+.” 

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Source: Kaleo/X

At time of writing, AVAX is worth $21.43.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ava Labs

California DMV Puts 42M Car Titles on the Avalanche Blockchain in Digitization Push

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“Blockchains are the most advanced tool any organization can leverage to maximize efficiency, maintain compliance and protect consumer data – vital components for a government serving its constituents,” said John Wu, president of Ava Labs, an Avalanche ecosystem development organization.



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