Pushing up against all odds: what are the internal drivers for Meli?
Pushing up against all odds: what are the internal drivers for Meli?
At the beginning of December 2021, all Gamefi unanimously entered the cascading period. GameFi projects such as BNX, Farmers World, Eternal, and Raca plummeted more than 40% in the market capitalization, and Eterna witnessed the most drastic decrease of 97%.
Against this temporary bearish market, Meli only dropped about 15% and then recovered immediately. What are the internal drivers that boost Meli’s robust token price?
Superior top-level economic structure & more capital reserves
On December 8, Mining IO, the parent company of Meli Game and a veteran U.S. chain game incubator, officially submitted a Reg. D financing application to the SEC to initiate equity financing and a Nasdaq listing.
Mining IO is a limited liability company registered in Delaware. It develops and incubates popular blockchain projects such as GAMEFI, Metaverse, and NFT, etc. Meli is one of the projects incubated by Mining IO. It is a large-scale battling game that is based on NFT and subculture and the total market valuation of Meli has reached $250 million. It is reported that the total initial fundraising of Mining IO is $10 million, and it has already received the cooperation proposal of Mining IO LLC NASDAQ listing offered by several SPAC companies.
Mining IO’s successful IPO application symbolizes the wide recognition of the U.S. stock market for the Gamefi segment and heralds Mining IO’s push for MeliGame to become the first large-scale NFT Gamefi leader endorsed by equity and legal compliance.
Pay attention to the dynamic needs of the community and adjust the economic cycle consumption in time
In the early stage of Meli, the initial price of PCE consumed by users in the game was 0.001 U. But the quantity of PCE required for reproduction was extremely high. The initial 50 million PCE released by NFT mining and the 50 million PCE provided by the liquidity pool were soon used up; the daily production of PCE could not keep up with the number of PCE consumed, which led to the price of PCE skyrocketing from 0.001U up to 0.037U. Such a drastic increase was obviously inconducive the long-term sustainable development.
Shortly after the PCE surge, the Meli team urgently adjusted the consumption mechanism, to reduce PCE consumption and increase MELI consumption to balance the relationship between token consumption and output.
As of now, how much PCE has been consumed?
The total supply of Meli NFTs is 45,000, and the current number of Meli NFTs in circulation is 185,000, which means that more than 130,000 new NFTs have been reproduced. Supposing we follow the calculation rule that the first reproduction in the Meli game consumes only 3,000 PCEs, these newly added NFTs would have consumed 390 million PCE.
Before the PCE consumption mechanism adjustment, the lowest circulation of PCE in the market was less than 50 million but now, it is at a more reasonable balance between the PCE market retention rate and the price.
Richer ecological construction & more market support
As of now, MeliI has collaborated directly with over 100 institutions, unions, and communities, and Meli tokens and PCE tokens have been listed on multiple exchanges around the world to gain more liquidity support.
Meli has been proactive in interacting with other projects or institutions to create more user traffic and increase the market buzz for Meli and its partners.
About MELI
MELI is a battle game utilizing playable NFTs with individual characteristics, referred to in-game as a Meliora. Players have several options when obtaining a Meloria, they can battle PvP or PvE to earn rewards, increase ranking or combine two NFTs to create a new, unique character NFT with special abilities.
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