What's Driving Token Prices? December 14, 2022

BNB (-6%) - The Twitter rumor mill has been flying, much to the detriment of centralized exchange Binance. There is no concrete evidence of any wrongdoing, but after last month’s events, every centralized counterparty is under the microscope. Binance specifically is being watched closely by the community after its CFO mysteriously resigned over the weekend. Coupled with massive wallet activity and transfers that the core team has claimed are for audit purposes, panic has since ensued. In the last 7 days, the exchange has seen ~$6B, or 9%, of holdings in net outflows.
ALGO (-0.5%) - Layer 1 blockchain Algorand rallied briefly after it was selected yesterday to support a digital guarantees platform in Italy. The platform is supposedly the first time an EU country is using blockchain technology for bank and insurance guarantees and will be leveraged as part of Italy’s National Recovery and Resilience Plan (NRRP).
MAGIC (+4.5%) - TreasureDAO, a decentralized game publisher and DAO, was listed on Binance last week, increasing the token’s liquidity significantly. This follows a prior listing on Coinbase ten days ago. TreasureDAO aims to support the launch and growth of smaller indie blockchain-based games, supporting them with grants and Treasure’s existing infrastructure, which includes an NFT marketplace and existing games and users.
ILV (+9%) - Blockchain-based game Illuvium launched its Overworld Beta to the public. This release is the first time the public can play both of the main aspects of Illuvium: turn-based gameplay and a larger open-world exploration/quest gameplay (The Overworld). Illuvium, which runs on the Ethereum L2 solution Immutable-X, raised an initial seed round of $5M in 2021 and released its token a few months later. The game’s full release has been hotly anticipated as it promises to be a AAA gaming title.

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