Coinbase has announced the listing of Pirate Nation (PIRATE), an ERC-20 token on the Ethereum network. This is a positive move for the cryptocurrency as it gained a 150% increase in price after the announcement was made.
PIRATE can now be traded on Coinbase and Coinbase Exchange for those regions where trading is enabled.
Coinbase Announces PIRATE Listing
Coinbase has officially announced that it will be supporting the Pirate Nation (PIRATE) token. The exchange noted that trading of this asset is only possible on the Ethereum network (ERC-20).
Users are advised against transferring this asset over other networks, which may lead to losing funds. The Ethereum network contract address for PIRATE is 0x7613C48E0cd50E42dD9Bf0f6c235063145f6f8DC.
Coinbase will add support for Pirate Nation (PIRATE) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) June 13, 2024
The trading is expected to commence later today, provided certain liquidity thresholds are achieved. Thus, after sufficient supply is created, the trading on the PIRATE-USD pair will commence gradually. PIRATE may be limited in some jurisdictions which means that its support is only available in specific regions.
Pre- and Post-TGE Strategy
The success of Pirate Nation can be attributed to the strategic approach that it took in its Token Generation Event (TGE). Thus, the pre-TGE strategy was built around the idea of creating network effects and kickstarting the in-game economy. This strategy involved the utilization of off-chain points referred to as Booty, to incentivize user interaction and other positive activities within the ecosystem.
In the game, there were Booty Points, which could be obtained during the combat and while completing special tasks. These points were used to purchase intermediate assets for the upgrades of pirates and ships. The strategy ensured that the players were always active and the game was balanced throughout the process.
The post-TGE strategy is intended to maintain player retention, solve the initial players’ acquisition issue, and establish a long-term token usage system. Out of the total token supply, 47% was given directly to the community to ensure that game economies are driven by the players themselves.
Pirate Nation just launched their token $PIRATE, and it was a major success 🏴☠️
It’s a full on chain adventure/treasure hunting game that empowers all players and creators.
Let’s dive into why they have such a large community rallied behind them 🧵pic.twitter.com/SwixQIkkR5
— Mash (@Mash_CT) June 13, 2024
For high-visibility engagement, Pirate Nation came up with new social farming techniques. This involved a Discord Blitz campaign which involved the community engaging in various pirate-related activities across different Discord channels. Another feature of the strategy was a referral system that encouraged the players to play the game not just to create an account. The referral system enabled 5 million gauntlet rounds to be cleared and 8 million quests to be done.
PIRATE’s Price Surge and Market Cap
Following the listing announcement, PIRATE experienced a notable price increase. Despite starting the day at a low of $0.1142, the price soared 150% to an all-time high of $0.3312.
Source: CoinMarketCap
Concurrently, PIRATE’s market capitalization rose to $74,337,691 during the rally, positioning it at 2668th among cryptocurrencies. The 24-hour trading volume was just over $56,610,286, making PIRATE the 128th most traded cryptocurrency.
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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.