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SX, the native token of the world’s first crypto sports betting exchange SportX, has lost more than 70% of its value over the past year.
Despite being around for a while, making its full market debut as early as 2021, SX has struggled to show the level of stability and resilience expected of any major crypto asset, raising big concerns about its future.
The SX price has consistently traded down in the past couple of months, oscillating between $0.030 and $0.053 – almost back to its all-time low of $0.026.
Will the token recover from its prolonged downtrend or conclude the year on a more bearish note?
What Is SX Network?
SX Network is a decentralized ecosystem with a flagship on-chain sports betting site, SportX. Built on its own custom EVM-compatible blockchain, SportX has been live since 2019, offering peer-to-peer Web3 betting exchange services to users.
With full decentralization at its heart, SportX makes it possible for gamblers to offer bets, take bets, and set their own odds. All bettors on the platform compete with one another to deliver bets with better odds – similar to how the stock market works.
Since every bet offered on the platform is settled on the Ethereum public blockchain, bettors are able to enjoy unrestricted access to all the betting market data, thereby fostering transparency.
In terms of payments, SportX allows bettors to buy and deposit over 300 cryptocurrencies, including its native token $SX.
The SX token serves multiple purposes, including staking, governance, fee discounts, gas fees, and many more. It has a maximum supply of 1 billion tokens.
SX Price Forecast & Analysis
In line with its vision to become the world’s first community-driven sports betting platform, SportX launched SX as its native token on June 30, 2021, with $0.46 as its listing price. The token got off to a good start, attracting notable crypto exchanges like QuickSwap, Bitfinex, Apeswap, Sushiswap, and IDEX within the first few months of going live.
Despite the heavy influx of crypto projects competing for market share, SX successfully capitalized on the robust market position of its betting exchange at that time to reach the right audience. However, it didn’t record any heavy price surge until the late 2021 market boom that propelled the Bitcoin price to its previous all-time high of $66,974.
As soon as the bullish wave gained more ground, SX rallied steadily to hit its current peak price of $9.41. Unsurprisingly, the price surge was followed by a heavy downtrend, with SX ending the year below the $5 level.
In 2022, the situation worsened for SX as it trended downward across most of the days of that year. Two events contributed to the prolonged dip in the price of SX – the dramatic collapse of Terra/Luna and FTX projects which triggered a crisis of confidence among investors and the declining momentum around its crypto betting ecosystem.
The bear market extended to 2023, with SX continuously trading in the red and struggling for survival before it eventually reached an all-time low of $0.026.
However, the global market weathered the storm and staged a rebound after the traditional finance space showed more interest in Bitcoin and eventually pushed for approval of crypto ETFS. While the first set of approvals was only given in early 2024, the buzz ignited by its anticipation has already triggered a market-wide comeback for Bitcoin and other top altcoins including Ethereum, Solana, and even meme coins like Dogecoin, Pepe, and Bonk.
Surprisingly, SX’s recent performance, particularly in 2024 has not corresponded with the level of growth seen in the industry. Apart from being down 82% from its early listing price of $0.46, the token shredded 40% of its value in the last three months to become one of the worst-performing cryptocurrencies this year.
More so, according to Coincodex’s data, the GambleFi token witnessed 10/30 (33%) green days and 16% price volatility over the last 30 days as sellers gained control due to diminishing buying strength. With its low liquidity, indicated by its small trading volume and cumulative market valuation, the drawdown might even be far from over for SX.
While the recent volatility in the broader market, fueled by multiple macroeconomic conditions, has contributed to SX’s poor run, it is also worth establishing that the general sentiment around the token has been bearish mainly due to the decreasing popularity of its sports betting ecosystem among crypto bettors. Since SportX is not really gaining the level of traction it aimed to achieve, SX has not resonated with a flurry of investors.
As such, unless there is any major catalyst for SportX’s growth, there is a strong likelihood that SX will not record any significant recovery in its price until the end of 2024 and even beyond.
Therefore, rather than investing in SX that has been listed some years ago and currently on a downtrend, investors should turn to newer alternatives like $MEMEBET, which has been tipped for an explosive start upon launch.
Best GambleFi Alternative To SX Token – Memebet
Described as the world’s first online casino for the degens, Memebet is an innovative project that blends the fundamentals of meme and online gambling to draw the attention of the wider investing community.
At its core, the project seeks to bring the authentic thrills embedded in the casino and sports betting universe to the meme coin scene.
Developed on Ethereum, Memebet specifically targets crypto degen gamblers who are longing for the right spot to maximize their assets. Memebet is poised to change how casino and sports betting lovers have long interacted with online gambling platforms, allowing them to engage in high-rewarding wagering with any meme coins of their choice.
Thanks to its multi-meme posture, Memebet will support major tokens like Pepe, Dogecoin, Popcat, Shiba Inu, Bonk, and even its MEMEBET native token. This standout aspect of the casino adds an extra layer of flexibility to the ecosystem, allowing it to benefit from the reach of different meme coin communities.
Another core aspect of Memebet is its vast gambling options, catering to all users, irrespective of their preferences. From high RTP slot games to different variations of live casino games, table games, and special games, Memebet has got everyone covered. The gambling offerings even become more extensive if we consider its anonymous sportsbook which will feature popular betting markets like football, basketball, tennis, and boxing.
More so, being active on Telegram means users won’t have to undergo KYC-related verifications before exploring its gambling offerings. In essence, Memebet users will have the chance to play regardless of where they live.
Memebet’s focus on security is another reason why it has been backed by reputable partners like the Argentine Football Association (AFA) and even popular crypto news sites such as TheBittimes, Cryptonews, Finbold, and NewsBTC. Its smart contract has been audited by Coinsult, reinforcing its position as a trusted name among new asset classes.
While guaranteeing anonymous gameplay, wagering with $MEMEBET unlocks multiple earning opportunities for investors to optimize their returns. Some of the exclusive benefits that holders will enjoy include regular P2E airdrops, special NFT lootboxes, early access to new features and games, and VIP bonuses for high rollers.
With over $300k raised in presale within a few weeks, investors are rallying behind Memebet. Top-rated market expert Cilinix Crypto says the project can capitalize on the wild excitement around its presale and innovative gambling opportunities to build strong community support, which can eventually translate into long-term gains.
Priced at $0.0255, those interested in buying $MEMEBET before its imminent IEO launch and exchange listings can visit the official website of the project to join its presale. The token can be swapped with BNB, ETH, MATIC, USDT, or credit/debit cards.
To stay updated with the project, follow Memebet on Twitter or join its Telegram channel.
Visit Memebet
*Cryptonomist did not write the article or test the platform.