Atari Token sinks 70% just days after public sale concludes. The token is the first foray in a gaming digital currency by legendary video game developers Atari Interactive. It ended its first 36 hours of trading down almost 70%. The current price is well below the public sale price and is even below the discounted price in the presale rounds.
The token sale, held on the Bitcoin.com exchange and concluded two days before the start of trading, was allegedly marred by several mishaps. This included order management problems, non-crediting of funds, and withdrawal delays of up to 16 hours. The Atari Token team has yet to comment on these issues, and over the past few days, their normally active Twitter account has been largely quiet.
On Nov. 2 around 3 pm UTC, by the time participants in public sales were able to access their tokens, the ATRI price had already been crushed, dropping to as low as $0.04, which reflects an 84 percent discount from the $0.25 public sale purchase price.
Tokens were also sold in three presale rounds at a discounted rate, at $0.08 per token in the first two rounds and $0.16 in the third. In all rounds, token revenues hit $1 million per round in their hard limit numbers.
Though initially launched on the Bitcoin.com exchange, trading volume for ATRI has been quick to migrate to Uniswap, which now hosts the token’s most popular pairing: ATRI/WETH.
Atari Token’s stated mission is to “bring decentralization and universality to the video game and interactive entertainment industry,” with ATRI used as a utility token across multiple video games and other facets of interactive entertainment.
The idea of the token was first introduced in June this year by Atari. On Nov. 2, Atari announced that Karma the Game of Destiny would use ATRI for purchases and transactions as an in-game currency.
Atari also aims to introduce a line of NFT collectibles on the WAX blockchain in addition to its utility token efforts. The first series to be published includes video game box art from the original console games of Atari, augmented with additional motion, animation and 3D elements.