The price of Chikn has risen significantly in late August, amid weak overall market conditions in the blockchain space. The sudden pump can be attributed mainly to a change on the game’s tokenomics that was announced on Chikn’s Discord server.
In a bid to address the community’s concerns, the dev team decided to reduce the native $EGG-$FEED swap rate from 850x to 100x, 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, with a Fully Diluted Market Cap of $1.7 million (per DexScreener) and a 24-hour volume of $105,005 (per CoinMarketCap)
$FEED is used to provide nourishment for Chikn to make them grow bigger.
The token experienced a sudden surge only in the last few days. For the most part of August, $FEED has been mostly trading sideways, even dipping to as low as $0.0001575 on August 20.
Patience has paid off however for loyal holders (and hoarders), as 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) and a 24-hour volume of $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 some of the numbers for Chikn NFTs, 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, and highest sale price of 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, and highest sale price of 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), with a 4.99 $AVAX ($114) floor price, and highest sale price of 50 $AVAX ($1,143). The most expensive FarmLand on the listing today is priced at 3,000 $AVAX ($68,610).
What is Chikn?
Built on the Avalanche blockchain, Chikn is an NFT gaming ecosystem that holds 10,000 algorithmically generated “Chikns.” The game utilizes a Tri-Token model designed for continual expansion and liquidity growth for the players, as well as other projects within its 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 to make it “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.