A cryptocurrency called ALICE surged 60,000% from $0.1 to $60 within a minute of being listed on crypto exchange Binance.
What Happened: ALICE is the native cryptocurrency token of the multiplayer blockchain game My Neighbour Alice, where players can buy and own virtual islands while being rewarded for contributing to the “Alice world.”
The social simulation blockchain game is the 18th project to be included in the Binance Launchpool, where users can stake their BNB, BUSD, and CHR tokens into separate pools to farm ALICE tokens.
Why It Matters: Binance is the world’s largest cryptocurrency exchange by volume, and listings on Binance tend to have a considerable impact on the token's price.
At the time of writing, ALICE was trading at $25.61 with a market cap of over $443 million, already ranking 110th in the list of over 4300 cryptocurrencies.
The ALICE listing also comes at a time where NFT assets are taking off in the crypto space. The creators of the My Neighbour Alice game have said that the game intends to combine the best of the two worlds - a fun narrative for regular players who want to enjoy the gameplay experience as well as an ecosystem for players who want to collect and trade Non-Fungible Tokens (NFTs).
On Feb. 25, the game held their first NFT auction, where 255 game animal NFTs were auctioned for a bid amount of $700,000.
The game’s native utility token ALICE is also used for several functions like in-game purchases, as well as participation in the game’s governance operations through votes. Game players can also earn ALICE tokens by completing certain quests in the game.