One gaming altcoin is in the middle of an explosive rally following the announcement of its integration with the Binance ecosystem.
Mobox (MBOX) is part of the GameFi sector, a combination of gaming and decentralized finance (DeFi).
The crypto project is a gaming platform that combines yield farming and non-fungible tokens (NFTs) to create a play-to-earn ecosystem. It aims to connect each metaverse through NFTs and to achieve NFT interoperability across different games and platforms.
Recently, Mobox announced that it would be launching its metaverse, called the MOMOverse, on the Binance Smart Chain (BSC). The BSC is a blockchain launched by crypto exchange Binance as a cheaper alternative to the Ethereum network, which is also compatible with the Ethereum Virtual Machine (EVM).
According to the announcement, users can create their own avatars which represent themselves in the MOMOverse, as well as give them the ability to mine MBOX, Mobox’s native token.
Users will also be able to stake MBOX to earn rewards called “Mystery Boxes.”
“In return for staking MBOX users will be rewarded with Mystery Boxes, which can be opened to reveal MOMO NFTs…. Exciting right?!
The MOMO’s revealed from the Mystery boxes will be mining the MBOX token! The MOMO’s will increase the node hashpower so that you can mine more MBOX tokens!”
Following the announcement, MBOX jumped from about $6.45 and continued rallying all the way to $15.38 before retracing, representing gains of 138% in just over a day.
At time of writing, MBOX is trading at $11.19, about 27% down from its all-time highs, but up 164% over the last 30 days.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Space creator/Vladimir Sazonov
