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On-chain Analysis (Upbit): PlayDapp - PLA
If you're getting too familiar with Binance's influence, remember there is always Upbit's. Dive into our case study to see what kind of impact it could have on this week's featured token.
Note: This analysis is supported by our Crypto Macro dashboard, Exchanges tab.
What is PlayDapp?
Targeting gaming and e-sports companies, PlayDapp presents a specialized Web3-based platform that facilitates a smooth transition from the established Web2 framework to the decentralized realm of Web3 through payment gateway (PG) and user retention.
PlayDapp's ambitious plan is to construct a Blockchain Entertainment Ecosystem that integrates blockchain into gaming and e-sports. This includes giving gamers real ownership and tradeability of in-game assets, a clear and traceable ownership chain, decentralizing e-sports to reward players more fairly, and offering developers a more secure monetization model.
In order to achieve this goal, they are now offering:
PlayDapp's SDK: a developer toolkit, allowing the conversion of standard apps to dApps and assets to NFTs, linking them with various sectors and the metaverse. It enables developers to minimize in-game drop-offs, cut hosting costs with multi-server support, reduce latency in multiplayer games, handle over 13,000 concurrent players, use multi-threading for better server communication, achieve high mobile connectivity success, and ensure over 98% gameplay stability, while offering interoperable data services.
PlayDapp MarketPLAce: an NFT trading platform available on Ethereum, Polygon and Solana.
Tournaments: a browser-simulating minigame hub that brings rewarding gaming experiences for both non-blockchain games and blockchain P2P games. Players can reap rewards in $PLA or Gold.
GameOVEN: an open-source game development tool that facilitates easy game creation
PlayDapp Town NFTs: in-house NFT collections that allow for enhanced gaming experiences across multiple platforms. Holding a PlayDapp NFT comes with perks, including exclusive access to game tournaments and the opportunity to earn an increased number of $PLA tokens, surpassing the rewards for those without NFTs.
Metaverse Virtual World: their Metaverse project on Roblox that was launched with Samsung C&T and offers a unique virtual theme park experience.
The project's notable expansion in South Korea features $PLA in Samsung's Wallet, supporting IPX/Frenz for NFT creation, and a KB Bank partnership for metaverse credit card use.
The $PLA token is central to transactions in PlayDapp, facilitating NFT trades with a small fee (2.5%) on the Marketplace. Its roles include facilitating in-game and marketplace payments, supporting the PlayDapp ecosystem financially via payment for developers and advertisers, and rewarding active game dApp players.
To conclude, remember that PlayDapp is not a recent venture; it's an established project that has been operational since 2017.
$PLA's total circulating supply is 569,265,030 tokens, of which Upbit holds 78%, amounting to 444,607,606 tokens. Most of PLA's trading volume is currently on Upbit, showing its dominance in the market. However, Binance also plays a role by transferring tokens between its hot and cold wallets to regulate the market supply.
The transfer counts and amounts both saw substantial growth on the 3rd and 17th of October, coinciding with two PLA market tests, after which the price steadily climbed from 0.15 to 0.21. The market is currently adjusting to a more balanced state after these increases.
Simultaneously, Max Transfer experienced three significant peak periods, specifically on the 8th of September, the 17th of October, and the 14th of November.
On September 8, as seen in the transaction here, the project's wallet (0x802) transferred over 9 million tokens to investors through an intermediary wallet (0x6f5). After receiving the tokens, the investors tended to sell them off completely, yet the price continued to rise steadily, indicating full absorption of the selling pressure from investors.
On October 17, following a price pump test to around 0.189, the Upbit wallet began transferring a large amount of 34 million tokens to an intermediary wallet (0x4D0) for distribution, as detailed in this transaction here.
On November 4, as indicated in this transaction here, Binance began withdrawing a large quantity of 15 million tokens from its hot wallet to its cold wallet. This move can be interpreted as a strategy to tighten the supply on Binance. Following this transfer to the cold wallet, there have been no significant actions by Binance.
The accumulation of PLA tokens by large-scale holders (whales) from 100K and above has been relatively low, with only one wallet address consistently accumulating in the past month (0x096444C212d7b7D22Af533A31bFCA98589366147).
PLA's on-chain activity is heating up, with most of the volume originating from Upbit and participation from Binance. In October, as prices experienced a slight rise, most investor wallets sold off their vested tokens, effectively lowering the present selling pressure from these investors.
With PLA yet to make its debut on Binance's USD-M market, its listing might follow a price increase to draw in traders. Whale wallet activities on Coinbase are minimal, but PLA's engagement with Upbit and Binance is evident, albeit declining, as seen in the Token Transfer and Max Transfer trends. The gradual decrease in interaction, as shown by Token Transfer and Max Transfer data. This raises the question: is PLA about to cause trouble or set for a major breakthrough?
NFA - DYOR.
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