Warning: Rug Pull detected! Counterfeit XAI Experiences a 100% Dip, Dragging down Real XAI as well

Following the breach of the United States Security and Exchange Commission’s official X account, which led to a false post about the spot Bitcoin (Exchange Traded Fund) ETF, a subsequent report from crypto security firm PeckShieldAlert gained widespread attention.

The counterfeit XAI token experienced a drastic 100% drop on January 10, 2024, as the deployer address 0xB3Ff…47DD exchanged 2,077,982,891,807.9 XAI tokens for $219,516 BSC-USD.

Initially valued near $0.30, this token, associated with Elon Musk’s startup “xAI Crop,” plummeted to $0.000000105 after the deployer liquidated the majority of its holdings on the trading view platform.

The genuine XAI token faced repercussions following the crash of the counterfeit XAI token, with its current Binance trading value hovering around $0.51. Over the past 24 hours, the XAI gaming token experienced a notable 24% price decline directly attributed to the fake token’s impact.

Arbitrum’s XAI gaming token (XAI) is part of a pool of tokens sharing the XAI name, such as the recently listed XAI network (XAI) gaming tokens, the second XAI (X) token, the third XAI (XAI) token, and the fourth SideShift token (XAI). Amidst these variations, the authentic XAI token is associated with gaming, utilizing the Xai blockchain developed by the primary developer of Arbitrum, in collaboration with Offchain Labs and overseen by the Xai Foundation. Source: Xai-foundation

Furthermore, the XAI gaming token serves a dual purpose within the blockchain. Primarily, it functions as the designated token for transaction fees within the network. Additionally, Xai tokens play a crucial role in rewarding validator nodes responsible for validating transactions. Beyond the blockchain, Xai tokens, as the primary token, serve multiple purposes within the gaming ecosystem, including payment for in-game items.

Investors should grasp the fundamental pricing principle of investing, emphasizing the avoidance of creating FOMO (Fear of Missing Out) in the volatile cryptocurrency landscape. In this dynamic industry, it is crucial for investors to thoroughly examine white papers, roadmaps, token listings, market capitalization, maximum token supply, and the token’s purpose. Armed with this comprehensive understanding, they can make informed decisions on whether to invest or not, steering clear of impulsive actions driven by tweets or hype from others.

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