The Crypto Dog Says He Bought Xai at $0.01, Turns $200K Into $18.8 Million

A popular crypto investor with the X username, The Crypto Dog, who purchased $200,000 of the Xai token at $0.01 now records an $18.8 million portfolio. The massive profits come as the token sees a new price high.

The Crypto Dog Bags $18.8M Profit

The Xai project is an Arbitrum-based layer-3 gaming blockchain solution developed by the game publishing platform Ex Populus and blockchain development company Offchain Labs.

Layer-3 blockchain networks are scaling solutions built on an existing layer-2 network to develop a customized and specific purpose. In this case, the Xai development team focuses on a gaming ecosystem. The Xai token is the native cryptocurrency for the game-centric community.

The Crypto Dog tweeted on Monday that they “blindly put money and faith” into the Xai token some years ago to support their friend. The user added that they may have been one of the earliest investors in the project before venture capital firms and other investors came on board.

With $200,000 dedicated to the Xai project at a unit price of $0.01, The Crypto Dog owns 20 million units of the cryptocurrency. The investor acknowledged that the entire portfolio is vesting, meaning that they currently hold no tokens until a fixed time.

The Crypto Dog’s large portfolio makes them a whale in the cryptocurrency. Xai’s total supply is about 1 billion, bringing the investor’s holdings to approximately 2% of the total supply. A rapid price decrease can ensue if the user sells a massive portion of the Xai token.

Xai Crosses $1

The Xai gaming network debuted its testnet for users to interact with. After recording over 60 million transactions in the testnet, the Xai team announced the mainnet launch on January 9th. With the cryptocurrency available for trading, several crypto trading platforms like Binance listed the game-centric asset.

At the time of writing, Xai traded at $1.08, representing a 107% increase since its launch last week.

Source: CoinStats