{"id":257118,"date":"2024-03-01T12:59:30","date_gmt":"2024-03-01T07:29:30","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=257118"},"modified":"2024-03-01T12:59:30","modified_gmt":"2024-03-01T07:29:30","slug":"portal-debuts-at-lofty-2-5b-valuation-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/portal-debuts-at-lofty-2-5b-valuation-crypto-news\/","title":{"rendered":"Portal Debuts at Lofty $2.5B Valuation – Crypto News"},"content":{"rendered":"

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The PORTAL token is native to the eponymous company aiming to be the gateway to web3 gaming.<\/p>\n

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Money is flying around as the crypto market heats up.<\/p>\n

One such project is Portal, whose eponymous token<\/a> went live today at a market capitalization of over $400 million. That puts PORTAL in the top 200 digital assets, according to CoinGecko.<\/p>\n

PORTAL currently has a fully diluted valuation ( FDV<\/a>), the market capitalization of a project when all its tokens are in circulation, of $2.37 billion. The project\u2019s website says holders of PORTAL will be able to stake it for access to other tokens, for governance, and \u201cpurchase a node,\u201d among other use cases.<\/p>\n

PORTAL Price<\/figcaption><\/figure>\n

Portal\u2019s website<\/a> bills the token as a \u201cuniversal gaming coin\u201d and the project\u2019s X account has produced a steady stream of partnership announcements, including with Magic Eden<\/a>, Star Atlas, and DeFi Kingdoms<\/a>. Its website claims it has already integrated with over 200 games.<\/p>\n

A video from Portal says the project will bring web3 gaming into the mainstream by making the blockchain aspect of the space \u201cinvisible.\u201d Portal is using LayerZero<\/a>, an interoperability protocol, to support the Solana, Polygon, Avalanche, and Klaytn blockchains, according to its X<\/a> account.<\/p>\n

With Bitcoin trading less than $10,000 away from an all-time high and the global crypto market capitalization nearing $2.5 trillion, projects like PORTAL can spring up to quickly generate hype and excitement, which likely wouldn\u2019t be possible in an extended bear market. It\u2019s not clear yet whether the project, and the token, can sustain the current attention and valuation levels.<\/p>\n

Portal ran an engagement campaign and presale in mid-December. Early buyers were able to purchase PORTAL at $0.15, according to multiple<\/a> accounts<\/a> on X, and are up 16x on their initial investment going by the token\u2019s current price of $2.41.<\/p>\n

Users on X are reporting<\/a> that they\u2019re only able to unlock 15% of the tokens they purchased through the presale.<\/p>\n

A dashboard<\/a> from Portal shows that a private sale and a community sale of the tokens have already completed. The public presale went live<\/a> in December. PORTAL also went live today on Binance\u2019s launchpad platform, which facilitates token sales.<\/p>\n

Both sales combined account for 32% of the token\u2019s $1B supply, according to a chart of PORTAL\u2019s tokenomics circulating<\/a> on social media. The current circulating supply is 167 million tokens, or 16.7% of the total 1 billion PORTAL, according to Etherscan<\/a>.<\/p>\n

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