Coinbase announced the listing of Pirate Nation (PIRATE), a newly launched ERC-20 token on the Ethereum network. Since its launch, the token has recorded gains of almost 300%, with 150% coming in the last 24 hours, when Coinbase announced the listing
According to the exchange , PIRATE trading is only possible on the Ethereum (ERC-20) network. Negotiations began on Thursday (13), which contributed to the strong rise in PIRATE.
In addition, the exchange also released the deposit contract address: 0x7613C48E0cd50E42dD9Bf0f6c235063145f6f8DC.
After sufficient supply has been created, trading on the PIRATE-USD pair will gradually begin. PIRATE may be limited in some jurisdictions, meaning its support is only available in specific regions.
Pre- and post-launch strategy
Pirate Nation’s success can be attributed to the strategic approach to its Token Generation Event (TGE). Thus, the pre-TGE strategy was built around the idea of creating network effects and boosting the game’s economy.
This strategy involved using points outside the blockchain called Booty, to encourage user interaction and other positive activities within the ecosystem. As a result, users were engaged in the launch, increasing expectations about PIRATE.
As the team explained, the launch includes a Booty Points system, which gave points to players who completed special tasks. These points were used to purchase intermediate assets and pirate and ship upgrades.
The strategy ensured that players were always active and the game was balanced throughout the process. And in fact, one of Pirate Nation’s goals was to maintain player retention. This way, they managed to keep their network active while spending few resources.
Next, the game sought to establish a long-term token usage system. Of the total token supply, 47% was given directly to the community via airdrop to ensure in-game economies are driven by the players themselves.
Another feature of the strategy was a referral system that encouraged players to play. This prevented people from creating an account and leaving it inactive. This benchmark system allowed 5 million gauntlet rounds to be completed and 8 million missions to be completed.
PIRATE token price increase
Following the listing announcement, PIRATE experienced a notable price increase. Despite starting the day at a low of US$0.1142, the price rose 150% and reached an all-time high of US$0.3312.
At the same time, the market cap of the PIRATE token rose to $74,337,691 during the rally. According to CoinGecko, the token ranks 2,668th in market value. The 24-hour trading volume was just over $56,610,286, making PIRATE the 128th most traded token of the day.
