The price of Chikn has risen significantly in late August, amid weak overall market conditions in the blockchain space. Some experts attribute the sudden pump to a change on the game’s tokenomics that the team announced on Chikn’s Discord server.
To address the community’s concerns, the team decided to reduce the native $EGG-$FEED swap rate from 850x to 100x. This is meant to “respect the runtime supply” remaining on the emissions token $FEED.
From now on, the game will disincentivize the introduction of redundant supply if it wasn’t acquired via LP staking through FarmLand. Because of this update, the game is on track for another 4 months of $FEED supply.
Let’s take a look at the price movements of the game’s tokens after the recent changes.
The main utility token of Chikn had a great run over the course of 30 days. Even though it took a plunge to $0.1414 on July 27, it still managed to peak at $0.2089 on August 23. As of this writing, $EGG is trading at $0.2117. The Fully Diluted Market Cap is $1.7 million (per DexScreener), with a 24-hour volume of $105,005 (per CoinMarketCap)
$FEED provides nourishment for Chikn.
The token experienced a sudden surge only in the last few days. For the most part of August, $FEED has been mostly trading sideways. At one point, it even dipped to as low as $0.0001575 on August 20.
Patience has paid off however for loyal holders (and hoarders). The token took a swift hike to $0.0005188 on August 22. As of this writing, $FEED is trading at $0.0004248, with a Fully Diluted Market Cap of $1.2 million (per DexScreener). Additionally, the 24-hour volume is $53,905 (per CoinMarketCap).
$FERT is used for enhancing LP rewards. On August 19, the token was trading for as low as $0.008778 before spiking up to $0.02044 on August 22. As of this writing, $FERT is trading at $0.01403, with a 24-hour volume of $7,445 (per CoinMarketCap).
Here are the market numbers as of August 23, 2022 (per NFTrade and the game’s own internal marketplace).
- Chikn: Internal Marketplace: Total volume of 210,586 $AVAX ($4.8 million) and floor price of 35 $AVAX ($805). NFTrade: Chikn currently has a total sales volume of 6,753.83 $AVAX ($154,460), with a 37.1 $AVAX ($848) floor price. The highest sale price is 67.69 $AVAX ($1,548). The most expensive Chikn on the listing today is priced at 42,069 $AVAX ($962,118).
- Roostr: Internal Marketplace: Total volume of 59,032 $AVAX ($1.4 million) and 7.7 $AVAX ($177) floor price. NFTrade: Roostr currently has a total sales volume of 18,143.24 $AVAX ($414,936), with a 7.44 $AVAX ($170) floor price. The highest sale price is 275 $AVAX ($6,289). The most expensive Roostr on the listing today is priced at 1,850 $AVAX ($42,309).
- FarmLand: Internal Marketplace: Total volume of 13,345 $AVAX ($307k) and Floor price of 4 $AVAX ($92). NFTrade: FarmLand currently has a total sales volume of 2,640.82 $AVAX ($60,395). It also has a 4.99 $AVAX ($114) floor price, and highest sale price of 50 $AVAX ($1,143). The most expensive FarmLand on the listing today costs 3,000 $AVAX ($68,610).
What is Chikn?
Built on the Avalanche blockchain, Chikn is an Non-Fungible Token (NFT) gaming ecosystem that holds 10,000 algorithmically generated “Chikns.” The game utilizes a Tri-Token model. This system is designed for continual expansion and liquidity growth for the players and projects within the environment.
Basically, the game’s cycle starts off with players buying a Chikn and waiting for them to lay some $EGG. Then they can farm some $FEED, and feed them to the Chikn. Providing the chickens nourishment will make them “Biggr” and better at $EGG production.
If you haven’t followed up with Chikn this past summer, here’s a recap of all the main events that took place over summer.