Gameness (GNESS) Token Lists on MEXC Exchange, Surges 85% From Opening Price

The token opened at $0.01500, surged to an intraday high of $0.02781, then pulled back to $0.02210 at press time.

The price of Gameness (GNESS) has fallen after surging on the MEXC exchange listing.

The token's price opened at $0.01500 on MEXC at 7:00 AM (GMT+8) today, May 13. It quickly surged to an intraday high of $0.02781 within the first hour, fueled by a round of strong buying activity.

However, the token faced selling pressure after reaching the session peak and pulled back to $0.02210 at press time. The token was trading at a 24-hour volume of 2.41 million GNESS.

The trading range of 85.40% within the first hour highlights the extreme price volatility unfolding.

Highlighting the stark price swings, the one-minute candlestick chart displayed a green breakout candle that shot up to claim new highs above $0.027 before facing strong resistance and sparking a downturn.

The strong sell-offs seen on the one-minute time frame pulled the price back down to $0.021 levels, where it encountered support and rebounded again.

The overall price action on Saturday saw GNESS still trading up +47% from its initial MEXC opening price despite pulling back from its session peak.

The token was previously launched on PancakeSwap on May 9, where it reached a high of $0.4031. At the time of writing, GNESS trades at approximately $0.02690, down over 17% on the day, with a 24-hour trading volume of around $71,100.

Gameness is an AI-driven platform aiming to enhance user engagement in esports and competitive gaming. The ecosystem uses GNESS tokens for a range of utilities including voting on platform governance, receiving rewards, and accessing services such as real-time esports data authentication.

A distinguishing feature of the project is its on-chain esports data system, designed to make competitive events more transparent and tamper-resistant. The project also includes token-burning mechanisms and liquidity locks to manage circulating supply and encourage long-term holding.

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Why Did the Price Fall on Today's MEXC Listing Day?

Market participants had anticipated that the MEXC listing would drive strong buying pressure on the token.

However, the lack of further major exchange listings, particularly on Binance, seems to have dampened investor enthusiasm somewhat.

The token's recent price action follows a pattern seen with many early-stage crypto projects - initial speculative hype is followed by rapid correction. GNESS shot up and dipped within hours of its PancakeSwap launch, and a similar volatility pattern is now emerging on MEXC.

Investor sentiment appears to be pivoting towards a Binance listing, but no official statement has been announced by Binance yet.

Despite the price correction, some analysts believe GNESS could still stage a recovery if trading volume on MEXC picks up or if a Binance listing comes through. In such scenarios, short-term price targets of $0.5 to $1 are being touted, with more optimistic projections ranging from $1 to $5 based on performance comparisons with similar tokens.