Why has Atari Token (ATRI) dropped by over 25% today?

Why has Atari Token (ATRI) dropped by over 25% today?

By Charles Thuo - min read

While the majority of the coins are making significant gains, Atari Token (ATRI) is nose diving.

At the time of writing, Atari Token is trading at $0.012993 after hitting a daily high of $0.0183 and a daily low of $0.01112.

But why is the token price dropping? In this article, we will focus on all the possible reasons for the downtrend.

Why is Atari Token price plummeting?

Before we go into the details as to why the token is dipping, let’s first understand what Atari is.

Atari Token is a decentralized cryptocurrency launched on the Ethereum blockchain to establish a universal mode of payment in the Atari video gaming space as well as allow publishers and developers to have a new way of monetizing their products.

Let’s now take a look at why is the token price tumbling.

Atari terminates its partnership with ICICB Group

One of the main reasons for the dip is the Atari, the gaming company, announcement in a news release that it has terminated its partnership with ICICB Group.

 The two companies had teamed up to launch the crypto and also Atari branded hotels across the globe.

This was back in 2020 when the hotels had announced that they will be accepting ATR as a mode of payment, where the gaming brand was to receive a 5% cut-off of all the revenues from the business venture with each venue set to offer immersive video game theme.

This was a big blow to the crypto and its holders. Following the news, the token has been on a downtrend.

However, it’s not clear what altered the deal, but the covid 19 pandemic might have contributed to some length of their plans to build extravagant accommodations worldwide.

Atari told the investors that the ICICB group is not authorized to represent the Atari brand on any of its official websites, social media channels, or whitepapers.

Reimbursing its holders

Despite all that, On Monday afternoon, April 18, 2022, a snapshot of all the ATRI holders was taken and a new exchange platform will be launched at a later date, therefore investors don’t have to worry.