Dear Earthlings,
This is a message from the Codyfight team. We know you have been excited about our IDO event coming up, but we have some news to share about it.
The IDO event will be postponed. We know, we know… but there is a bright outcome to this decision.
We have been working hard to deliver the best content for our earthlings. And that’s why we have taken the hard decision to postpone the event, as we count on having the greatest potential for our players and for us.
The current state of the crypto market
The crypto market has been developing an ongoing crisis for several weeks. Bitcoin has been trading in a tight range for weeks now, moving in between $36,000 and $42,000, but broke past the $36,000 support level over the weekend. The worst hours were yet to come when the price fell over 10% below $30,000 on Monday evening.
The rapid decrease of the market can even go lower according to some crypto analysts like Wendy O, who predict a bottom out at $29,000 (well, his prediction was wrong, today Bitcoin has dropped to nearly $26,000, yet later found support on $28,000 mark), but a switch on the market for the summer. The volatile market is continually increasing and decreasing, and Bitcoin is still expected to rise above $100,000 in the future.
The volatility of the crypto market and the May crisis can be explained through numerous phenomena like rising inflation, geopolitical crises, and concern over tighter monetary policy by the USA Fed. Other factors also point to low-quality coins, negative statements from Elon Musk, and China’s ban on crypto services.
The crisis has been developing silently over the past months, as Bitcoin hasn’t been above $50,000 since December, causing investors to sell their drops and lose interest in the market. The uncertainty and volatility of coins are causing a rapid loss of traction, however, there will be an increase in the market as it slowly becomes more stable.
So, why is it worth the wait?
Firstly, because there will be more time to grow a community. Codyfight is a community-driven game and therefore, we aspire to have a big and passionate community to support our project. In addition, the ecosystem will be more active if there are more players involved. The ultimate result is that the marketplace will be bigger, the fights will be more compelling and the passion will be shared among more gamers.
Secondly, there will be more time to introduce new features and rewards for players. Waiting also gives more time to develop new ideas and meet users’ expectations. The gameplay experience will be improved and the demands of the community will also be satisfied. If the quality of Codyfight increases, there will be more engagement and eventually more rewards for every party involved.
Lastly, we will have more time to prepare for our Alpha version and our TGE. These two events are a relevant aspect of our strategy and a good preparation will increase our position in the market, as well as attract other gamers inside and outside our community. This way, investors, contributors, and different parties of the crypto community will raise interest in the project, giving Codyfight more popularity and better opportunities for our users. In addition, the crypto market will increase its confidence among different parties, creating a safer context to embark on our IDO event.
We have taken every consideration in mind and decided to postpone based on all the advantages this can bring to players and publishers.
Let’s be patient and wait to get the best Codyfight experience. After all, good things take a while to cook!
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