The value of DeFi Kingdoms’s JEWEL token has dropped by more than 90% as interest in the game has waned. The price of the token has been damaged further by a recent exploit that allows gamers to mine locked JEWEL from different accounts.
DeFi Kingdoms, a GameFi initiative, has seen the price of its JEWEL currency token drop by more than 90% from its all-time highs in January. Without an increase in new players to maintain the game’s economy, the substantial JEWEL rewards granted to players have exacerbated sell pressure.
The price of the token has also been affected by a recent exploit affecting the speed at which players can unlock their locked JEWEL. Mining locked JEWEL can be “unfairly augmented” by transferring it between different accounts, according to DeFi Kingdoms developer Frisky Fox, allowing more Heroes than intended to mine the locked JEWEL at the same time.
Despite the fact that the exploit only resulted in a minor quantity of extra JEWEL hitting the market compared to the amounts mined properly, the price of JEWEL has been severely impacted.
JEWEL has dropped another 21% in the last 24 hours, hitting a local low of $2.25. JEWEL was trading at its all-time high of $22.52 just four months ago. JEWEL is not showing any signs of breaking its months-long downturn, despite the fact that a patch for the exploit is expected to go live later today.
According to DappRadar data, the number of active DeFi Kingdoms players has decreased by half in the last month, from 30,000 on March 31 to around 15,000 today.
The number of transactions and the volume of transactions have both reduced. In this regard, DeFi Kingdoms is not alone; several other play-to-earn games, such as Axie Infinity and Crabada, have seen a drop in player numbers and engagement in recent months.
DeFi Kingdoms had established itself as a top blockchain game at its peak. While the Crystalvale expansion pushed hype to euphoric proportions, crypto influencers such as Ansem often stated their bullish stance on the game.
Despite a devoted development crew and the game’s recent launch on an Avalanche subnet, however, DeFi Kingdoms has struggled in the crypto market. It’s unclear whether the game will be able to reclaim its player base in the future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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