The layer-3 gaming token fell by more than 20% after an airdrop and Binance listing on Jan. 9.

According to CoinGecko, the layer-3 gaming token Xai has fallen by more than 22% in 24 hour trading. The current price of the token is $0.5231. X rate fell sharply just a day after reaching an all-time high on Jan. 9, in which the price of the coin was $0.7734.

The token price collapse occurred shortly after Xai held its first major gaming token airdrop in 2024. According to the Xai Foundation, it offered 125 million XAI tokens (or 5% of the total token supply) to eligible users, including holders of certain Xai NFTs and those operating gatekeeper nodes or validators that help support the network.

The token collapse may be related to the recent airdrop. At the time of the drop, the total market cap was above $154 million. After the airdrop, the coin’s market cap fell to the $70 million mark.

Along with the airdrop, the largest cryptocurrency exchange, Binance, listed the XAI token. The XAI/FUSD trading pair is available on spot.

Xai is the first layer 3 blockchain specifically designed for AAA games. Using Arbitrum technology, Xai focuses on simplicity and ease of use, eliminating the complexities of wallet management and making blockchain integration a seamless part of the gaming ecosystem.