Portal Pre-Market Trading Spikes Ahead of Ethereum Gaming Token Drop

Pre-market PORTAL trading on Whales Market has tallied over $5.3 million since last week, with a current price of $2.85 per token. It has gradually climbed since Friday, when the price sat around $2.00 per token.

The estimated price would put the market cap of PORTAL at about $476 million, based on the initial circulating supply of 167.1 million tokens. If so, it would land in the top 200 cryptocurrencies by market cap, above the newly launched PIXEL token for Ronin farming game Pixels, which has a nearly $426 million market cap as of this writing.

Ahead of the token listing, Binance is currently holding a Launchpool campaign that lets customers stake Binance Coin (BNB) or the FDUSD stablecoin into pools that pay out a share of PORTAL staking rewards. A total of 50 million PORTAL tokens are up for grabs through the promotion.

As of Friday, the Launchpool campaign for Portal had already amassed more than $8.6 billion worth of staked cryptocurrency, setting a new record for Binance’s rewards program. Rising crypto prices in recent days have helped push that tally to $8.8 billion as of this writing.

Portal is a cross-chain gaming platform that aims to connect crypto games across various chains on a single platform with a shared token, single sign-in, and uniform asset management tools. It will be integrated with networks such as Solana and Ethereum scaling network Polygon.

The Portal team includes leadership and advisors to SuperDuper, the crypto startup behind the Creepz NFT project on Ethereum. Rockstar Games co-founder Jamie King is among the prominent advisors.

Portal held an airdrop farming campaign in November and December that rewarded crypto users for tweeting about Portal and interacting with other users’ tweets about it. While the campaign irritated some Crypto Twitter users, it also drove substantial hype around the token.

The company told Decrypt’s GG last week that it will share airdrop distribution details ahead of the Binance token listing.

Edited by Ryan Ozawa.