Capybara Nation was one of the best-performing cryptocurrencies on Friday, Nov. 22, as it jumped by over 435% after a major listing.
The Capybara Nation (BARA) token surged to $0.00001358, giving it a fully diluted valuation of over $1.3 billion.
This rally occurred after the developers launched the airdrop, and the token was immediately listed by Crypto.com, one of the biggest crypto exchanges in the industry.
The listing happened partly because Capybara Nation is built on the Cronos (CRO) blockchain, which is associated with Crypto.com. Data shows that most of its volume was happening on VVS Finance, the biggest decentralized exchange on Cronos, followed by Crypto.com Exchange.
Capybara’s price jumped due to the hype surrounding its airdrop and the developers’ pledge to enhance its network. This strategy includes more listings on major tier-1 exchanges like Binance, OKX, and Coinbase. The developers have also committed to launching new staking and questing features and partnerships.
The BARA token also soared as investors embraced the fear of missing out (FOMO) after the listing. FOMO is common among new coins, especially during a crypto bull run.
Capybara Nation aims to become one of the biggest players in the Cronos ecosystem. It operates a popular play-to-earn game on Telegram, which has attracted millions of users. These users can earn coins, level up their quest cards, and maximize profits.
Additionally, users can earn coins by completing daily combinations, following its social media networks, and referring other users.
A key difference between Capybara Nation and other Telegram tap-to-earn games like Hamster Kombat and Notcoin is that it uses Cronos instead of the TON Blockchain.
There is a risk that the ongoing gains may be short-lived, as seen with other tap-to-earn tokens. Hamster Kombat remains 75% below its all-time high, while Notcoin has dropped by 80%, costing holders over a billion dollars.
