Even though crypto markets are struggling today, Metaverse coins continue to outperform other cryptocurrencies. This article looks at a Metaverse coin gaining over 500% today. Let’s look at SCARY and its token SCY and see why the price is rising.
What Is SCARY (SCY)?
Launched in December 2021, SCARY is a blockchain-based GameFi integrated platform combining immersive NFT, Farm, and Adventure quests to conquer SCY tokens inside the Scary Doors Metaverse.
The game revolved around users choosing a Scary Door to hunt Scary Tokens inside. It features a battlefield where monsters can challenge opponents for a prize in SCY tokens. Players can also build their empires using the SCY tokens.
The game is similar to the popular Monsters Inc movie where monsters visit different doors. A random system displays three doors at a time for your monster to visit when you start the game. Players can choose a specific door, winning different rewards.
Users must hold at least 1000 SCY tokens in their wallets to keep playing the game without gas fees or taxes. Doors in the game receive 10% of all rewards earned by visiting monsters.
Scary Games features two different classes of monsters, Genesis monsters, and Newborn monsters. Only 1000 unique Genesis monsters will ever be made. Genesis Monsters feature unique skills and abilities that newborn monsters won’t possess. Newborn Monsters are born by hatching eggs.
Scary Games features a fully functional NFT marketplace where users can purchase Scary Monsters. Some Monsters are pretty expensive but most cost 0.2 BNB, roughly $80 at writing.
The game itself is currently in development, with the beta version coming in Q1 2022, so stay tuned!
Why Is SCY Price Rising?
Recently, SCARY migrated to a new contract address introducing their decentralized exchange ScarySwa. Users can now mine liquidity and earn passive rewards on the platform.
Our contract migration is live on https://t.co/uqDel09YrK swap ratio is SCY 1:5 SCARY! Enjoy the farms and pools, Scary Doors Game is coming! @AutoSharkFin @autofarmnetwork @Guitar_swap @Farmaggedon_ @RoboWolf8 @CoinTigerEX #Staking #farming #Pools pic.twitter.com/xGQ1pyCrYN
— Scary_Games (@Scaary_Games) February 17, 2022
The recent migration is likely the reason for SCY’s price hike today.
Since SCY was released in December, the token fell victim to crypto’s bear market. Unfortunately, SCY has been performing poorly since its launch, with the price slowly dropping.
However, with the recent contract migration and fully functional NFT marketplace, SCY could be hitting bottom, and right now could be a great time to accumulate the token.
Moreover, with a current market cap of $46k, SCY is highly undervalued, considering that it features its DEX and a fully functional NFT marketplace.
Moreover, looking at the holders’ distribution of SCY, we can see that 93% of the supply is locked in PinkSale. The tokens are locked until February 28th, meaning most of the supply of this token will be off-market.
Source: PinkSale
There’s no doubt that SCY is highly undervalued right now, with a market cap of $43k. The 24-hour trading volume is at $53k, which is also relatively low.
Other than the low trading volume, we couldn’t find any red flags with this token as the holders’ distribution, and the PinkSale lock both look good.
If the team delivers on its promise of a beta version of the game in Q1 2022, there’s no doubt in my mind that SCY can rise to $1 million in valuation.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
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Image Source: Cyber Kristiyan/Shutterstock.com
