Karrat, a small-cap gaming token, went up for two days and hit its best level since August 24
Since the beginning of the year, Karrat (KARRAT) has increased over 65%, and now its market value is over $48 million. It is still about 68% below its all-time high, though.
Some of the most popular game tokens went up during this bounce. Imutable X has increased more than 44% in the last week, while Beam has increased by 15.7% in the same time frame. Also, the prices of Gala Games, The Sandbox, Ronin, and ApeCoin have increased by more than 15%.
A famous non-fungible token platform called My Pet Hooligan added the Hooligans and Zuckbot NFTs to its platform, which also helped Karrat rise. CryptoSlam records show that My Pet Hooligan’s NFTs have sold for $174,393 in the last 30 days. Their earnings in 24 hours increased by 88% to $9,575.
The crypto fear and greed index went from the fear zone of 34 last week to a neutral point of 51 after the Federal Reserve cut interest rates by 0.50%. This happened at the same time as Karrat’s recovery. More coins went up after the rate cut. Bitcoin reached $64,800, its best level in over a month.
Karrat is a blockchain focusing on games and non-fungible tokens (NFTs). In June, it made news when it announced a relationship with Palantir, a technology company backed by Peter Thiel. Palantir’s architecture will be used in AMGI Studios’ products as part of this relationship. AMGI Studios is a vital part of Karrat’s network. This news came after a relationship with Nvidia a month ago.
As with Jupiter, one of the main worries about Karrat is that there are a lot of big buyers. CoinCarp data shows that the ten biggest buyers hold 92% of all coins. On September 23, there were 5,572 Bitcoin addresses, which was the most since September 12.
Another risk is that tokens will be diluted significantly over the next few years. Karrat has a maximum of 1 billion tokens, but only 116 million are currently used. On October 19, the next coin will be unlocked. In the last two months of the year, 25 million coins will be unlocked.
Karrat coin unlocks will stop in October 2028, meaning holders should prepare for significant losses. Current holders lose value by accumulating more coins after a token unlocks.