After a prolonged dip since November 25, the price of CryptoPlanes (CPAN) has started rising once again.
The coin has raised by more than $0.55 with a period of two days. At the time of writing, its price was at $2.56 with a 7.09% increment within the last 24 hours.
But why is the price CPAN price rising, especially at such a time when the majority of cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) are dropping?
Below is a detailed explanation as to why the CPAN price is rising.
What Is CryptoPlanes (CPAN)?
Before delving into why the CPAN price is skyrocketing, it is important to first understand what CryptoPlanes (CPAN) is.
CryptoPlanes is a blockchain-based game built on the Binance smart chain featuring a metaverse with NFT planes like the CryptoCity metaverse.
In their whitepaper:
“As a player in CryptoPlanes, your mission is to win the fighting (Training, PvC, PvP, Planes vs Cars battle) to get Exp and earn token. When you gain enough experience points, you can upgrade your plane level.’’
The game has NFT planes that can be purchased using the CPAN token. It costs about 500 CPAN to buy a plane and once you purchase it you can stake it, upgrade the game levels by completing missions to earn rewards.
This game has over 127K planes and over 212K players. Additionally, over 17 million in-game transactions have been made so far.
Why is CPAN price on the Rise
CPAN price is rising as a result of the continual increase in its user base. There is a bullish trend in the last month as the number of transactions on the app keeps rising and it seems this may continue up to next year.
CPAN is the most searched project in the last 24 hours according to the official CrryptoPlates Twitter account
— CryptoCars (@cryptocarsgame) December 15, 2021
It’s clear that CryptoPlanes’ popularity is growing, which is a significant contributor to the recent bullish momentum for CPAN.
However, as the bullish momentum for CPAN continues it should be noted that the recent price hike in the last 24 hours does not offset the price drop in the last week.