Ethereum
“Heroes of Mavia” delays Ethereum token unlock as price drops 65% since February
Mobile strategy game Heroes of Mavia has reworked its token unlock schedule in an effort to slow its growing supply, less than three months after the Ethereum-token initially launched.
After the announcement On Thursday evening, the MAVIA token surged 21% before plummeting even lower than before the news was released. MAVIA is down to $3.72 as of this writing, down almost 9% over the past day.
The Heroes of Mavia token now has plunged 65% from its all-time high price of $10.59, set two months ago, shortly after launch in early February. The game’s original plan was to increase its circulating supply from 12% to 24% of the total from February 2024 to 2025. However, this latest move will see the circulating supply remain below 14% until the end of this window.
Until February 2025, planned allocations for “Private Sales”, “Gameplay Rewards”, and “Community and Ecosystem” will be reduced by 80% overall. In addition, team and advisor allocations will be postponed until the same date.
MAVIA’s price began climbing shortly after the blog post was published, then jumped 10% in half a time after the game tweeted the news to its 457,000 followers. It appears that MAVIA holders then began dumping their tokens, causing a sudden price drop that continued to widen over the next few hours, erasing initial gains.
Heroes of Mavia is an iOS and Android game that is obviously inspired by Clash of Clans. While Skrice Studios, the creator of Heroes of Mavia, has released a token, airdropped it to 100,000 players, and has already sold NFT lands, none of this is reflected in gameplay so far.
Right now, it would be very easy to play the game without knowing that it is a crypto game, but there are plans to create an in-game marketplace to buy and trade NFT items in the future, in using the Ethereum layer 2 scaling network. Base.
Edited by Andrew Hayward