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.
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Featured Image: Shutterstock/Space creator/Vladimir Sazonov