There are hundreds of Metaverse cryptocurrencies in the market, each of which is struggling to get its share from the market, and all digital assets are competing with each other to survive after the fall in the market. In this article, we, as KoinFinans, examined a little-known Metaverse cryptocurrency, which has experienced a price increase of more than 150 percent today despite the sharp decline in the market, and tried to understand why its price skyrocketed.
What is RichCity (RICH)?
Launched on Binance Smart Chain in July 2021, RichCity is a Metaverse NFT-based mobile game. The object of the game is to collect rare NFT items, buy real estate to view them, interact with other players and trade NFTs for real money.
The RICH token, which serves as the primary utility within the game, powers the game.
The alpha version of the game is currently available for users to try. The current version is built with Unity and users can test their MetaMask wallet by connecting it to the platform via a browser.
In the following stages, players will be able to upgrade their houses by purchasing NFT packages from the market. Each package contains three common NFTs and one rare NFT. Using their NFT, gamers can direct their interior designers and decorate their homes however they want.
Why Is RICH’s Price Rising?
Rich City (RICH) has been showing a huge increase over the past few days. In fact, the metaverse cryptocurrency surged 152 percent today and reached as high as $0.000000003633. However, the cryptocurrency is still trading 60 percent below its all-time high despite such a massive increase.
The metaverse cryptocurrency, which lost some of its gains at the time of writing, is trading at $0.000000003108, up over 131 percent.
On February 11, the team released a short preview of the game via their Twitter accounts, where users can place various items in their homes and decorate them however they want.
Working progress…. 🎬 pic.twitter.com/lbKAyFcAOC
— Rich City (@playRichCity) February 11, 2022
It is clear that the project is still in its early stages and the recent increase in trading volume indicates that some investors are starting to accumulate RICH tokens.
RICH is currently only listed on PancakeSwap and all volume comes from that exchange. This is good news because it is quite difficult to manipulate the price of a decentralized exchange without real money flowing into the token.
Looking at the distribution of holders on bscscan, we can see that the first address holding the most coins is a contract address with 11 percent of the total supply.
With the recent price increase, RICH’s fully diluted market cap is over $3.1 million, which is a relatively healthy valuation for a Metaverse coin. In addition, Rich City has a Minimum Viable Product* (Minimum Viable Product), which points to bullish sentiment.
Analysts haven’t been able to find any red flags about Rich City in general, but keep in mind that the project is still in its infancy and even with a simple MVP, it’s still a gamble when it comes to buying RICH tokens, because it’s a coin that is going up in price very quickly. It is a fact that cannot be ignored that the population can fall at the same rate. Those looking for a safer investment would be wise to wait for an NFT collection to be released on the platform or the mainnet launch of the game.
*Minimum Viable Product (MVP), It is a development technique in which a new product with essential features sufficient to attract the attention of consumers is introduced to the market. The final product is only released after sufficient feedback has been received from the first users of the product.
This technique helps them make the final product much better. With the help of the MVP concept, the research or marketing team will find out where the product is missing or what its strengths or weaknesses are.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.