There are hundreds of Metaverse crypto coins on the market, each trying to take their share of the market. This article looks at an underrated Metaverse coin with a significant price gain of over 139% today. Let’s look at RichCity and its token RICH and see why the price is rising so much.
What Is RichCity (RICH)?
Launched in July 2021, RichCity is a Binance Smart Chain Metaverse NFT-based mobile game. The game’s goal is to collect rare NFT items, purchase real-estate to display your items, interact with other players, and trade NFTs to make real money.
The game is powered by the RICH token, serving as the primary utility asset within the game.
The alpha version of the game is currently available for users to check out. The current version is built with Unity, and users can connect their MetaMask wallet via a browser to check it out.
Players will be able to purchase NFT packs from the marketplace to upgrade their apartments. Each pack contains three common and one rare NFTs.
Using their NFTs, players can channel their inner interior designers and decorate their apartments in any way they’d like.
Why Is RICH Price Rising?
On February 11th, the team showcased a brief preview of the game where users could place various items in their apartments and decorate them any way they’d like.
Working progress…. 🎬 pic.twitter.com/lbKAyFcAOC
— Rich City (@playRichCity) February 11, 2022
It’s clear the project is still in its early stages, and the recent increase in trading volume suggests that some investors are starting to accumulate RICH tokens.
RICH is currently only listed on PancakeSwap, and all the volume is coming from that exchange. That’s good news because it’s hard to manipulate the price of a decentralized exchange without real money flowing into the token.
Looking at the holders’ distribution on bscscan, we can see that the top address holding the most coins is a contract address that owns 11% of the overall supply.
With the recent price hike, RICH’s fully diluted valuation is $3.2 million, a relatively healthy valuation for a Metaverse coin. In addition, Rich City does have a Minimum Viable Product, signaling a bullish sentiment.
Overall, we couldn’t find any red flags about Rich City, but keep in mind that the project is still in its infancy, and even with a basic MVP, it’s still a gamble when it comes to buying RICH tokens. For those looking for a safer investment, it would be wise to wait for an NFT collection or a mainnet launch of the game.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
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