Check Today's Crypto Market:
Bittime - MAVIA, the native token of the Web3 Heroes of Mavia mobile game, experienced a sharp price decline after reaching its all-time high (ATH) on February 18, 2024. The price of the MAVIA token fell by 80% from $41.77 or around IDR 651 thousand to $8, 25 or around IDR 128 thousand in less than a day, according to data from CoinMarketCap.
What is the cause of the fall in the MAVIA token price? Is this the result of heavy selling by token holders, or are there other factors influencing the market? And what are the future prospects of the MAVIA token and the Heroes of Mavia game?
What is MAVIA and Heroes of Mavia?
MAVIA is the governance token of the Mavia ecosystem, which includes the Web3 Heroes of Mavia mobile game, developed by Skrice Studios. The game is set on a fantasy island called Mavia, where players can build bases, develop armies, and earn Rubies, the game's original tokens, by conquering enemy bases throughout Mavia.
Ruby can be used to upgrade Land, Statue and Hero NFTs, which are unique digital assets and can be traded on the Ruby marketplace, both in-game and on the web.
The MAVIA token has several functions in the ecosystem, such as giving voting rights to its holders to make important decisions that influence the development of the ecosystem, providing exclusive access to premium content, and providing incentives for content creators.
The Heroes of Mavia game launched on February 15, 2024, and received an overwhelming response from the crypto and gaming communities. The game managed to attract more than 100,000 daily active users, and recorded a trading volume of more than $100 million in less than a month. This game also has support from world-class partners, such as KuCoin, CoinMarketCap, Binance Smart Chain, and Polygon.
Also read How to Buy Crypto:
Why is MAVIA Token Price Falling?
One of the main factors causing the decline in the MAVIA token price was a massive selling action by some token holders, who may have wanted to take profits after the token price reached ATH. According to data from Etherscan, several large addresses transferred MAVIA tokens to crypto exchanges, such as Bybit, Bitget, and Bitrue, where the tokens were then sold on the market.
In addition, there is also the possibility that the MAVIA token price is influenced by negative market sentiment, which is caused by several factors, such as:
There are accusations of plagiarism
Heroes of Mavia is claimed to copy the concept and design of the game Clash of Clans, which is a popular mobile strategy game developed by Supercell. Several users on social media and online forums expressed their dissatisfaction with the Heroes of Mavia game, considering it to be a cheap clone of the Clash of Clans game.
There are technical problems and annoying bugs
Experience playing the Heroes of Mavia game, such as difficulty logging in, unstable connection, and errors in the reward system. Some users reported that they were unable to receive the Rubies they were supposed to get after completing missions or attacking enemy bases.
There is stiff competition from other Web3 mobile games
Other games offer more interesting and innovative features and mechanics, such as Axie Infinity, Illuvium, and The Sandbox. These games have a larger user base, stronger community, and better reputation in the crypto and gaming industry.
What are the Future Prospects of the MAVIA Token and the Heroes of Mavia Game?
Despite experiencing a significant price drop, the MAVIA token and the Heroes of Mavia game still have the potential to recover and grow in the future, if they can overcome some of the existing challenges and obstacles. Some steps that the development team and community can take to increase the performance and popularity of the MAVIA token and the Heroes of Mavia game are:
Maintain transparency and good communication with the community
This means providing clear and accurate information about the development and future plans of the Mavia ecosystem. This can help build trust and loyalty from users and investors, as well as avoid speculation and misinformation that could harm the ecosystem's reputation.
Solving technical problems and bugs in the Heroes of Mavia game
This means improving the quality and stability of the game. This can improve the gaming experience and satisfaction of players, as well as attract new users interested in Web3 mobile games.
Added new features and content
This new content or features can increase the appeal and variety of the Heroes of Mavia game, such as different game modes, unique items and characters, and interesting events and rewards. This can increase player engagement and retention, as well as increase the demand and value of MAVIA and Ruby tokens.
Carry out cooperation and partnerships with relevant parties
The collaboration in question includes crypto exchanges, social media platforms, influencers, and crypto and gaming communities. This can increase exposure and awareness of the Mavia ecosystem, as well as increase the volume and liquidity of the MAVIA token.
How To Buy Crypto With Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read also:
Understanding Leveraged Tokens
What is TokenFi (TOKEN)? Floki Inu Project for Asset Tokenization
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.