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Crabada’s TUS Price is up 85% in a Week

Posted August 17, 2022 12:05 am
4 min
By Deep In The Sesh

Crabada’s in game currency Treasure Under Sea recently traded at $0.0005 up 85% in the past week. The coin traded as high as $0.0006 before giving back some of the gains. Let’s take a deeper look to see if we can make sense of the recent run up. 

TUS Price Chart

In May of this year Crabada was hit hard with the rest of the crypto markets on the back of the Luna/UST implosion, geopolitical instability and general discontent in the markets. Smaller cap projects like Crabada fell an astonishing 95%+. However, now that the market has rebounded off the lows, the Ethereum merge is scheduled, and summer is coming to an end, we are starting to see some FOMO enter back into the market. 

Because of this, we’ve reached out to industry sources after doing some research and we’re hearing the following reasons for the spike in TUS:

  • Guilds have quietly been stepping in to buy and breed crabs
  • The new Terms of Service were recently enacted which could mean bots are getting banned which would mean less sell pressure
  • Markets are doing better and buyers have stepped back in to speculate and TUS has a very small liquidity pool

Let’s dig into each one. 

Guilds Buying Crabs?

First, let’s take a look at marketplace sales to see if we see any surge in demand from guilds. According to P2E Analytics data on Crabada NFT sales over the past seven days, it looks like there was a drop in demand on August 12 and then a rebound back to previously levels. This doesn’t look like a huge surge in demand for crabs.   

Crabada NFT Sales Volume

However, it’s not just demand for crabs we need to look at, we also need to think about breeding. You can see in the P2E Analytics population chart below that the crab population continues to climb. 

Crabada population chart

Additionally, we know from speaking with certain guild owners that there has been some activity with guilds moving into the space and breeding more crabs. But if we look closer at the TUS burned from breeding fees we can see a significant increase since the beginning of August (see chart below). This could be related to guilds increasing their breeding.  

Crabada breeding fees burn

Terms of Service 

Next, let’s have a look at the Terms of Service theory. Devs have started enforcing bans for anyone engaging in harmful activities, which includes the use of bots. This topic has been the subject of much controversy and viewed under that lens it makes sense that rumors are swirling that bot runners are being banned. However, if we look at the data, so far there are about 6,000 crabs that have been banned based on the Terms of Service violation. That’s about 3% of the overall crab population which is a very small number. It’s unclear how many botters there are out there but the actual number of bans doesn’t look like it would have any significant impact on TUS price. 

Market Sentiment

Finally, the markets have been doing well the past month. You can see it on crypto Twitter in real time. The green charts make us nostalgic for those bull market days. Over the past month Ethereum is up 39%, Bitcoin is up 13% and Avalanche is up 28%. These aren’t supreme numbers by crypto standards but after a large down swing like we had in May and June these numbers feel significant. It’s possible that buyers have re-emerged based on market sentiment. Additionally, becauase the liquidity pool is so thin it doesn’t take much for buyers to drive up the price.  

Crabada AMA Update

The devs hosted on an AMA on their Discord that shed some light on next phase of the roadmap. The key takeaways are the following: 

  • Idle Game will be shut down in Q3 or Q4
  • Battle Game is shifting to a materials economy in which materials will be tradeable
  • Land sale will be pushed back to next year
  • Crab decay will be implemented to control population
  • No plans yet for CRA utility

The devs are continuing to build and iterate. It’s unclear exactly what’s driving the TUS price, perhaps a combination of all of these factors. Stay tuned for more updates as we’ll be covering all things Crabada. 

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