On the first day of the new year, XAI opened at $0.225, -86% from its all-time high. The official New Year's greetings set the tone for 2025 as the "Year of Gaming": Final Form, more cooperation, and more players. The night watchman said in the group "Watch for another year", but Sisyphus didn't answer.
Back to project chronicle
Year archive
2025 | The pivot and the lawsuit: the chain recedes as price falls 93%
365 entries
2025-01
January 2025
31At the beginning of the year, copycat stocks generally rose.
The official forwarded the new original painting of Final Form, without mentioning a release date.
Over the weekend, the community compiled a "Year of Gaming" wish list, which looked like a last wish.
The online rate of Sentinel Network is as usual, and on-chain transfers are still sparse.
The compensatory increase continued, touching $0.27 during the session, and some people shouted "January Magic".
A spike up to $0.274 was followed by a pullback – marking the highest point of the month.
Giving back most of the gains, newcomers chasing higher learned their first lesson.
One year anniversary of launch. $0.24 compared to the $2.5 pins a year ago and the opening carnival, all the messages in the group were candle emoticons. Sisyphus did some calculations: The market value of the coin airdrop received was less than one-tenth of the original high. He sent out the results and no one comforted him.
On the first anniversary of the approval of the Bitcoin ETF, the big pie is in the spotlight, but the copycats are not.
weekend. stakingThe annualized value of the pool has dropped again, and the reduction in emissions is visible to the naked eye.
It fell back to $0.22 with light trading volume.
Official trailer: The "Game Year" roadmap will be released within this month.
Before the road map arrived, the comments section began to urge for updates.
The $0.20 barrier is see-sawing, and the bulls have poor strength.
Ah Zhen mentioned in the development group, "I'm working on a new project, keep it secret."
Falling below $0.20; news of Trump token launch began to sweep the entire network.
Over the weekend, all funds were siphoned off by meme coins, and no one was interested in the game chain.
Night Watch routinely restarts node, winning twice this week, which is better than nothing.
Trump takes office. The market only talks about the president’s meme coin, and the copycats are bleeding collectively; XAI is reported at $0.185. In the discussion area, no one mentioned the words "Game Year" anymore. Everyone was queuing up at other gambling tables.
$0.18, the buy order is as thin as paper.
Ecological Monthly Report: Active wallets on the chain dropped another 20% month-on-month.
Some people discovered that A Zhen’s side-chain code submissions have significantly decreased.
Yin dropped to $0.17 with no resistance.
weekend. Sisyphus asked, "Is this the game year?", but no one answered.
The handicap was dead silent, and the market-making spread quietly widened.
Panic came out, reaching the monthly low of $0.148 before stabilizing.
Lunar New Year's Eve. Chinese-speaking groups chatted with each other to celebrate the New Year, but no one commented on the currency price.
Spring Festival. The chain produces blocks as usual, $0.158, and the taste of the year has nothing to do with the currency.
The "Year of Games" roadmap has been reneged on, and officials remain silent.
It closed at $0.161 in January, down 28% on the month. The year begins with a downturn.
2025-02
February 2025
28February started at $0.161. The "Year of Gaming" roadmap has not been released for a long time, and the official only left a sentence: "Big moves will be made at the end of the month"; the community is swinging between disappointment and curiosity. The Night Watchman's attitude is consistent: first run node well, and let other events take their own course.
It traded sideways at $0.16 over the weekend, which was uneventful.
Touch high $0.165 and get back - the highest point of the month, short-lived.
Ah Zhen was redeployed from the entire chain, leaving only two people on duty on the chain side.
It fell $0.15, and the volume can continue to shrink.
Rumor: The "big move" is related to Steam.
The official trailer released: a thunderbird, codenamed Raijin (Thunder God).
Weekend group guessing, $0.145.
Night watchman settling accounts: node's monthly income in US dollars is less than half of the electricity bill.
Below $0.14, guessing can’t save the market.
LAMOverse quietly disappeared from the official ecological list.
$0.135, falling and falling.
Raijin official account is opened, introduction: play games and get rewards.
Valentine's Day. Sisyphus laughed at himself for "living with the trap", $0.13.
Over the weekend, the number of transfers on the chain hit a new low since its listing.
The market price is getting thinner and thinner, $0.125.
Official announcement: Raijin.gg will be launched on February 25th.
Wait and see, there is no movement on the chain.
Ah Zhen's circle of friends: "New position, new starting point."
At $0.115, the overall price of copycats is weak.
US$1.5 billion was stolen from Bybit, the largest exchange currency theft case in history. The whole market was in panic and fell, and XAI followed the trend and fell below $0.11; some people in the group took pleasure in the misery: "I am so poor that I have no money to put on the exchange, it is a blessing in disguise." No one laughed.
The panic continues, with the price falling below $0.10 – the first time it’s been under a dime since listing.
$0.095 on weekends, "Return to Zero" hit the screen, and Night Watch banned two people.
The night before Raijin was launched at $0.09, no one expected a pull.
Raijin.gg goes online: chain retreats behind the scenes
Ex Populus’ new platform Raijin.gg was launched as scheduled. The product logic is simple and straightforward: players can receive rewards by binding their Steam account, playing designated games, completing tasks, and achieving achievements. From the beginning to the end of the entire page, the word "blockchain" is deeply hidden - the Xai chain retreats to the background and is only responsible for accounting and settlement. Players are unaware of the entire process and do not even need to know what a wallet is.
This was the beginning of the "chain invisibility" route that was later cited repeatedly. The official statement is "leave the complexity to us, and leave the fun to the players"; the currency holders' reading is another version: the chain born for games will no longer stand in front of the stage from today on.
Ah Zhen made a formal transfer to the Raijin team. The night watchman privately asked him who would take over the chain side, and he replied: "The chain is already stable and there is no need for so many people." This sentence can be understood as technical maturity or strategic downgrading - both understandings are correct.
On that day, the currency price was around $0.085, and there was no online pull-up. The panic about the Bybit case was still weighing on the entire market. The community's reaction was divided: one group said that it finally targeted real players, and the other group asked "What is XAI used for?" The author noticed that there was no official answer to the latter question.
The panic did not stop and it reached a monthly low of $0.075, a new low since its listing.
Oversold counter-draw $0.083, dead cat jump.
It closed at $0.088 in February, down 45% on the month. The thunderbird took off and the currency price crashed to the ground.
2025-03
March 2025
31March started at $0.088. The official notice that the governance proposal XIP-1 is about to be submitted: additional issuance, buyback, AI transition, and US listing - these four words have caused a stir in the community, and some people wrote long explanations overnight.
Over the weekend, draft proposals leaked and debates continued all night long.
"Another 150 million issuance?" and "This is a blueprint for self-rescue" both parties quarreled.
XIP-1 is officially submitted and enters the 3-day review period.
During the review period, canvassing was busy, $0.086.
The Night Watchman expressed his approval: "Someone has to do something."
XIP-1 opens 7 days of voting. The rules are put into practice for the first time: Anyone with XAI/esXAI can vote, 50.01% majority plus 1% participation rate takes effect, and the foundation retains the right to supervise in the first stage. On the first day, there was a one-sided vote in favor and zero votes against.
Turnout slowly climbed over the weekend, with the price recovering along with the broader market to $0.09.
Sisyphus abstained: "Nothing I can invest will save my money."
The number of votes in favor exceeded 20 million, but there were still zero votes against.
The voting price looms at $0.092.
The participation rate has crossed the 1% legal line, and there is no doubt that it will pass.
With the countdown to the vote, the community stayed up late to count the votes for the first time in a long time.
XIP-1 passed unanimously: a self-rescue blueprint for the future
End of the seven-day voting period: 30,001,417 votes in favor, 0 against, participation rate crossing the 1% legal line, 50.01% majority in effect - XIP-1 passed unanimously. After 3 days of review and 7 days of voting, there is a 3-day execution period.
All four contents of the proposal have been finalized: first, to issue an additional 150 million XAI—25 million for Genesis incentives, 25 million for continuation incentives, and 100 million for ecological growth; second, to approve the foundation’s expansion into AI; third, to launch XAI’s monthly repurchase; and fourth, to promote listing on U.S. exchanges.
"Zero Opposition" was the most talked about number of the day. Optimists say that this is an unprecedented consensus; cold-eyed people say that those who oppose it have already voted with their feet to leave, and those who remain have no choice. Sisyphus gave up, and his words were crude and unreasonable: "Nothing you invest can save me from my cost price."
The community was torn in two. Half of the people saw a self-rescue blueprint: buybacks to hedge emissions, AI to capture the main narrative of the times, and US listing to open up incremental growth - each of which targets the disease. The other half only saw the first line: Another 150 million was issued. "When a patient loses blood, should he transfuse the blood first or stop the bleeding first?" There is no winner in this debate.
The currency price was $0.095 on the day, and the voting market was better than nothing. The author made a note: This is the first time in this chain, and it may be the last time, that 30,000 votes cast in the same direction.
The "good news if passed" only lasted one day, falling back towards $0.097 - the highest level this month.
It fell back $0.09 over the weekend, and the cash market hit the top.
Entering the 3-day execution period, the foundation began to deploy additional issuances.
A great deal, $0.085.
Details of the first phase of repurchase have not yet been released, and patience is beginning to run out.
Below $0.08, the shadow of additional issuance arrives before buybacks.
Foreign media ridiculed "AI transformation as a hot topic", and the community's response was weak.
It fell $0.075 over the weekend.
Night Watchman Reminder: Emissions are approaching the next halving line.
$0.07 The barrier is lost and regained, and it’s a see-saw.
The Ecological Fund began to contact the AI team, and the details were kept confidential.
Yin fell $0.068, measuring energy and ground.
Falling below $0.065, it is a matter of suspense when new chips will enter the market.
$0.062, panic increased.
At $0.058 over the weekend, there are no takers.
It reached a monthly low of $0.056, another all-time low.
It closed at $0.059 in March, down 33% on the month. Three consecutive yin.
2025-04
April 2025
30April starts at $0.059. The April Fool's Day joke "Musk wants to acquire Xai" went viral, but no one could laugh - the giant with the same name is itself a shadow hanging over his head. The Night Watchman said: A joke is a joke, and node will run with it.
Waiting for the halving to cross the line, a countdown was posted on the chain.
Second emissions halving crosses the line. Daily emissions are halved and the inflation brake is stepped on again. Compared with the celebration of the first halving in May last year, this time only the night watchman in the group posted "It's online" and received two likes. $0.055.
There is no market trend after halving; the White House tariffs are suddenly tense.
Over the weekend, global risk assets suffered at $0.046.
Panic spread, and copycats led the decline.
Tariff panic broke out and the whole market fell sharply, with XAI testing $0.040.
It continued to fall $0.039, reaching a new all-time low every day.
Monthly low $0.038 – -97.6% from high.
Rumors of tariff easing led to a sharp rebound at $0.043.
Calm down, $0.045.
weekend. Sisyphus posted a screenshot of his loss with the text "I feel numb".
The market stabilized, and bargain hunting addresses appeared sporadically on the chain.
The first monthly repurchase of XIP-1 was executed, and the amount was not disclosed.
The repurchase address was uncovered, and the single-day buying volume was so small that people were silent.
Recovering $0.05, sentiment is slightly warmer.
Raijin's first month data is rumored to be good, and we are waiting for the official announcement.
The amount can be slightly amplified, $0.052.
Over the weekend, the night watchman reattached the two idle keys to node.
The drawdown climbed $0.055.
Ecological Monthly Report: Raijin has hundreds of thousands of registered players.
The esXAI redemption queue is charted for the first time.
The market is getting warmer, and the copycats are taking a breather, $0.058.
It surged to monthly highs of $0.070 – an 84% rebound from the pit.
A pullback of $0.065 leaves the chasers standing guard.
Weekend, $0.063 finishing.
The amount of energy has shrunk, so we are waiting to see whether we are long or short.
The "buyback + AI" narrative began to be forwarded by opinion leaders.
$0.060, weakly balanced.
April closed at $0.062, and the monthly decline stopped - the end of four consecutive negative trends.
2025-05
May 2025
31May opened at $0.062. The chain was quiet on Labor Day, but the "Repurchase + AI" posts off-site were circulating more and more. Several new faces came into the group, and the first sentence was: What does XAI do? The old people didn’t know where to start.
It retreated to $0.058, and the price dropped at the beginning of the month.
It fell over the weekend to $0.055.
I kept stepping back, and the newly lit flame dimmed again.
The $0.050 barrier is teetering.
After testing $0.048, it pulled up with heavy volume - this month's low was buried.
+14% in a single day to close at $0.055, a long-lost positive line.
$0.060, the repurchase address has become a check-in holy place.
The rally accelerated to $0.068. "Monthly repurchase + AI steering" was forwarded by many Chinese opinion leaders, and new people poured in. The night watchman poured cold water: "Look at the unlock table before entering the market." No one listened.
Open weekends, $0.075.
$0.08 on site. Sisyphus was still far from returning to his roots, but the corners of his mouth were raised.
Volume can reach a new high for the year, $0.085.
For $0.095, someone in the group shouted "Menghui 2024".
Rushing higher to $0.110 - monthly high and the culmination of the "buyback + AI" narrative. The selling pressure came as promised, with the stock closing at $0.098 on the day. +129% two weeks from lows, with most people entering the market in the last three days.
It fell back to $0.09, and the pursuit of highs was suppressed.
The heat faded faster than it came in, $0.085.
On weekends, newcomers leave the group as quickly as they join.
$0.080 Saw.
Opinion leaders are already forwarding the next hot topic.
Down $0.078.
The buyback is still being executed, and the magnitude is no match for unlock - the numbers are on the chain.
One year anniversary of the first halving, $0.075. The night watchman remembers alone.
Shrinkage $0.073.
Over the weekend, the group chat returned to its quiet pre-lived state.
It is trading within a narrow range around $0.070.
Night Watchman: "Backlash is for people to get off the bus." No one likes to hear it.
Weak balance, $0.072.
Rumors of Final Form’s closed beta are rising again, but there is no concrete evidence.
Sideways $0.070.
Calm.
It closed at $0.071 in May, up 15% on the month, a long-lost monthly positive line.
2025-06
June 2025
30June started at $0.071. The rebound was still lingering, and the official announcement was that "there will be important product news in the summer." Most of the community bet on the release date of Final Form - but it turned out that they were right in the direction, but wrong in all the content.
Touching $0.075 is stagflation – the highest point this month.
The volume can fall back and cannot rise anymore.
Below $0.070.
Shrinking and falling returns, everything is as before.
$0.065, an untenable round number.
On weekends, on-chain transfers were still massive.
The group started counting the calendar of investor unlock again, $0.062.
Falling silently.
Ecological Monthly Report: Raijin’s reward distribution exceeded one million US dollars during the year.
$0.058, the buying volume on the buyback day is still a drop in the bucket.
Handicap depth has become thinner again.
A negative fall has become the norm, $0.055.
weekend. Night Watchman Accounting: According to the current price, node has no hope of getting its money back.
Sideways weakness.
$0.052, approaching the previous low.
The $0.050 barrier is urgent.
Below nickel, $0.048.
Infinite decline, $0.046.
Friday in a bear market, nothing happens.
Weekends, $0.043.
It reached a monthly low of $0.042, and the April pit bottom is close at hand.
On the eve of the halving line, the countdown was posted on the chain again, $0.044.
The third emissions halving crosses the line, just 82 days after the last one. The rate of halving emissions is getting faster and faster, and fewer and fewer people are celebrating - the night watchman still posted "reaching the line", but this time there was not even a single like. $0.045.
It recovered slightly after the halving, $0.047.
The weak rebound continues.
Recovered $0.050.
Over the weekend, $0.051 stabilized.
The community laughs at itself: The key word in the first half of the year is "fall".
It closed at $0.052 in June, down 27% on the month. No news of summer yet.
2025-07
July 2025
31July starts at $0.052. With the "big announcement" officially locked in mid-month, the community continues to place bets on Final Form's release date; no one can guess what the actual announcement will be.
Waiting for the announcement, the market is stagnant.
Guess fermentation: release date? New financing? Going to a major law firm?
US Independence Day, market light, $0.049.
It explored $0.048 over the weekend – this month’s low.
Stable and immeasurable.
Announcement Countdown One Week, $0.050.
The collective silence of the Raijin team was interpreted as "holding back the ultimate move".
There is no abnormal movement on the chain, etc.
The funds to bet on the announcement are tentatively entered, $0.052.
Volume increased slightly, $0.054.
Over the weekend, a handicap betting announcement was opened in the group.
Sisyphus placed a sell order at $0.08 and waited for the announcement, $0.056.
$0.057 on the eve of the announcement, bulls and bears face off.
Final Form Declaration: Remove all on-chain mechanisms
The "big announcement" mid-month is here, but not the kind anyone bet on. Ex Populus official announcement: The flagship game Final Form has been completely transformed after about two and a half years of development - removing all on-chain mechanisms and turning it into a one-time buyout RPG (role playing game) with no in-app purchases and no payment to win. It will be launched on Steam and is targeted to be released "early next year". The official official words added: "This is a direction, not a promise."
As for the chain that was made for it? The announcement puts it decently: the Xai chain has devolved into a purely optional backend - players can receive XAI rewards for completing on-chain achievements on Raijin, "as invisible as the backend database." Two years ago, the slogan was "Blockchain for Games." Two and a half years later, Flagship Games took the blockchain by itself.
The report card of Raijin disclosed at the same time is quite impressive: hundreds of thousands of registered players every month; more than 1.25 million US dollars in rewards distributed during the year; helping 7 games - including Atari's Missile Command: Delta and Riftstorm - to reach the top of the Steam list; and accumulating 250,000 wishlists in 8 weeks. As a game distribution and growth platform, these numbers are impressive.
So the tearing came without any suspense. Gamers applauded: No wallet, no token, no payment to win, this is like a game. Coin holders feel abandoned - they bought tickets for the "blockchain game Revolution" back then, but now the organizers have announced that the revolution has been cancelled, and traditional trading has begun. The author wrote down the words that hit the screen in the group: "The chain was born for games, but it was abandoned by its own games."
The market played out this tear: the announcement instantly shot up to $0.069 - some people read "on Steam" as a positive; two hours later, it turned down and closed back below $0.058 - more people understood the other half. Ah Zhen only posted a status on Raijin: "Make the game that players want to play." without mentioning the link.
The author's short comment: In terms of product, this may be the most sober decision in two and a half years; in terms of narrative, this is the official obituary of the creation announcement in June 2023. The fact that two things are true at the same time is the absurdity of this moment.
Overnight digestion: The gaming media applauded and the currency circle criticized, $0.054.
Coin holders voted with their feet, $0.052.
The wish list number of 250,000 floods the screen in the game area, and the currency price is indifferent.
Over the weekend, the group debated whether "chain invisibility is a way out or a way out".
$0.050, the answer is temporarily written on the disk.
"Chain retreats behind the scenes" was a headline in foreign media, and it was qualitatively completed.
The decline stabilized at $0.051.
Sisyphus cancels the $0.08 sell order: "Can't wait any longer."
The activity on the chain does not rise but falls.
$0.049, Volatility Dies.
weekend. Night Watch: Chain production is business as usual - ironically stable.
Backwater, $0.050.
The official forwarded Riftstorm’s ranking battle report, and the comment area was asking about the currency price.
Nothing to say sideways.
$0.049, the monthly line is finalized.
$0.050 in July. Flagship game and chain, officially separated.
2025-08
August 2025
31August starts at $0.050. The market was stagnant, and the average number of comments in the group was less than a hundred per day; no one knew that a lawyer's letter that would change the entire narrative in the second half of the year was on the way.
Over the weekend, volatility was on the floor.
Quiet on Chain, $0.049.
The market-making orders are refreshed mechanically and no one trades.
A pool of stagnant water.
The official weekly newspaper has a poor readership.
An ultimatum from across the ocean
A lawyer's letter was sent to Ex Populus: Musk's party (X.AI Corp) proposed that if it does not agree to register the xAI trademark globally, it will apply to cancel the federal trademark registration held by Ex Populus (registration number 7,788,241).
Translated into vernacular: The conflict of the same name dragged on for two years, and the giants did not want to go around any longer, so they either gave way or went to war.
The grievances are documented: In June 2023, Ex Populus began to use the XAI trademark in business; a month later, Musk officially announced the establishment of xAI, and 59 million views smashed the name into the world's recognition; in November 2024, Musk announced that xAI would open an AI game studio—stepping directly into the game territory; since then, confusion has become increasingly common. The United States Patent and Trademark Office (USPTO) has suspended multiple trademark applications from Musk due to prior rights - the initial reading of the legal balance is actually biased towards the smaller side.
The news was not made public and the market was completely unaware of it, with the currency price remaining unchanged at $0.051. According to an insider's later recollection, the law firm held more meetings than product meetings in those two weeks. The deadline for responding is counting down, and there are only two options: sign and give way, or go to court.
The lawyer's letter has not been made public, and the market is unaware of it, $0.052.
Over the weekend, it was business as usual for the team.
Some people have noticed that the wording of official tweets has become more cautious.
It is rumored that the team has intensive contact with law firms, and it is difficult to distinguish the truth from the truth.
Following a small rebound in the broader market, $0.054.
The monthly high is $0.057, which is a glimpse of the water.
Back down $0.055.
The chain is as usual, and the origin of several large transactions is unknown.
Weekends, $0.053.
The stagnant water is slightly rippled.
$0.052, a new low in volume and energy.
The official account did not tweet for three days in a row.
Calm last day, $0.053.
Xiao Xiami sues the world’s richest man
Ex Populus chose to go to war. A complaint was filed in the Federal Court for the Northern District of California against X.AI Corp and X.AI LLC, case number 3:25-cv-07101. Seven causes of action, including federal trademark infringement (15 U.S.C. §1114), unfair competition, and request to cancel the other party’s trademark registration; and requesting a jury trial.
The chain of facts in the complaint is clean and neat: the XAI trademark has been used in commerce since June 2023 and holds federal registration number 7,788,241; the U.S. Patent and Trademark Office has suspended multiple trademark applications from Musk due to prior rights. Used first, registered in hand, and the official agency has already made tendentious actions - the cards in Xiao Xiami's hand are stronger than the spectators imagined.
In order to prove that he is "not just using his name", the indictment revealed the entire project's assets: since 2024, node emissions and airdrop have generated approximately US$300 million in rewards for the community; 5 million+ wallets around the world have held XAI; the @XAI_GAMES account has 300,000 followers - this account was registered in January 2021, two and a half years before Musk's xAI; Ex Populus Raised $8.5 million for gaming business. The complaint also attached the dumbfounding evidence: Even Musk’s own Grok, when asked who XAI_GAMES was, answered incorrectly and said it was Musk’s game studio. Confusion is not a hypothesis, it is a reality.
At that time, the currency price was $0.053, which was -96.7% from the historical high. A project whose market value has shrunk by 97% is suing a rising AI giant owned by the world's richest man - a dramatic turn of events. Someone in the group calculated the odds: "Will the currency rise if the lawsuit is won?" The night watchman's answer was ranked at the top: "This lawsuit has nothing to do with the currency price, but to do with the integrity."
The author's short comment: In the past two and a half years, this project has made many involuntary concessions - game delays, narrative changes, and chain withdrawals. This is the first time it has taken the initiative. Win or lose, August 21 deserves its own page.
The official X (Twitter) account posted a message confirming the prosecution. There was a rare unity in the comment area: "Even if the currency goes to zero, we still have to fight for this." The currency price only moved slightly to $0.052 - the market has long stopped pricing any news.
Over the weekend, foreign media headlines read: "Xiao Xiami sues the world's richest man."
Legal blogger breaks down the case: "Prior use plus federal registration is a hard card."
The lawsuit is on the hot list, and the currency price remains unchanged at $0.051.
Someone built a "win-win concept" position and was ridiculed by the crowd.
Down $0.049.
The heat dissipated in three days, and the discussion returned to the redemption queue.
$0.047, shrink.
Over the weekend, LUNA traded as low as $0.045.
Closed $0.048 in August. The lawsuit is about to start, but the currency price is indifferent.
2025-09
September 2025
30September starts at $0.048. The topic of "September Curse" comes up again, and the Night Watchman sneers: For XAI, every month is a curse. The case has entered the procedural stage and the court's silent period has begun. All that can be done is to wait.
Sideways, $0.049.
The copycat sector moved unexpectedly, and XAI passively followed the rise.
Both the volume and price increased to $0.055, and the origin is unknown.
A monthly high of $0.062 - no news to pull up, the most dangerous kind.
It fell back after rising to $0.056 over the weekend.
The taker is once again on guard at $0.053.
After giving up more than half, hot money comes and goes like the wind.
$0.050, reveal your true colors.
Musk’s response to the lawsuit is unknown, and the files are waiting to be scheduled.
The negative decline resumed, $0.048.
With the amount of land on the chain, the market-making spread has widened again.
Weekends, $0.046.
The group began to discuss "winter" strategies.
Night Watchman sold two idle keys in exchange for electricity bills, and the second-hand prices were appalling.
$0.044, sliding lower.
The most painful decline is when no one takes over.
$0.042, the bottom is in sight in April.
Wuliang Yin fell, $0.041.
Over the weekend, the number of people online in the community hit a new low.
Sideways handicap, $0.040.
It fell below four cents.
The esXAI redemption queue has become longer, and some people choose the 15-day slot to enjoy the heaviest discount.
$0.039, Numb.
Moonshot low $0.038 – April pit bottom returns.
Weak retracement $0.039.
Weekends, dead silence.
$0.040, barely recovered.
At the end of the quarter, XAI is no longer on the list of institutions due to position adjustments.
September closed at $0.040. No one knows how deep October will be.
2025-10
October 2025
31October starts at $0.040. The old saying "October rises" has been brought out again to warm up the situation; on the financial pages, the smell of tariff friction is getting stronger day by day, and no one connects the two things.
Stabilizing at lows, $0.041.
There was a slight recovery, and the price of copycats generally rose.
Over the weekend, $0.043, someone took the "October Quote" seriously.
It touched $0.044, the highest point of the regular market this month.
The rally came to an abrupt halt.
U.S. stocks turned lower at $0.042 as tariff talk escalated.
Risk aversion is on the rise, but leveraged bulls are adding to their positions.
$0.0406, the storm is coming.
Epic Reckoning: Pin $0.0099
The day, later shortened to "October 10," began with a tariff news. Panic first broke through U.S. stock futures, and then poured into the crypto market. Leverage fell like dominoes: the liquidation amount of the entire network was refreshed by an order of magnitude every hour, mainstream currencies were cut in half, and altcoins directly lost their quotes.
This daily line of XAI is worth recording verbatim: it opened at $0.0406; during the climax of panic, liquidity evaporated instantly, market makers organized to cancel orders, and buying orders thinned into a vacuum visible to the naked eye - the lowest pin was $0.00987, -76% from the opening; it then gradually backfilled to close at $0.0263. In one day, the coin went from "four cents" to "less than one cent" and back to "two cents and six cents". Leverage longs almost no one survives regardless of the multiple - the depth of the pin exceeds the imagination of all conventional stops and margins.
The few minutes when the handicap was empty was the most absurd scene I have ever seen: there was a gap of dozens of percentage points between the buy level and the latest transaction price, and any market sell order was in free fall. This is not a sell-off, it is a temporary death of the pricing mechanism.
There is another world on the chain. The Night Watchman's node continued to produce blocks all night long, challenging, asserting, and receiving awards without stopping for a second. He posted something in the group that was later quoted repeatedly: "The chain never stopped for a second. What stopped was people's hearts." - The protocol doesn't know what panic is, it only knows how to produce blocks.
That same night, Sisyphus cleared out his warehouse. From airdrop entering the market in 2024 to placing all market price sell orders in the early morning of October 10, 2025, no one knows his exit price. They only know that he subsequently exited the group chat without saying goodbye. airdropGenerations of greed and disillusionment closed the loop on this night.
The author's short comment: The pin on January 9, 2024 is $2.5, up; the pin on October 10, 2025 is $0.0099, down. Between the two needles, 21 months, and -99.4%.
Post-catastrophe inventory. The number of liquidations across the entire network refreshed history, with XAI licking its wounds between $0.025~0.030 and closing at $0.028. The "survivors" were named in the group, and Sisyphus's profile picture was grayed out - he never came back.
Weekend Aftershocks, $0.029 Repeated.
The rebound is weak at $0.027.
Market makers covered their positions, and the depth was only half that before the disaster.
Pin $0.0099 The lucky guy who bought nearby posted his order and was watched and worshiped.
$0.027, shocking.
Down $0.026.
Over the weekend, the group was counting who was still alive.
It's calm - everyone no longer feels pain.
Weak counterdraw $0.027.
The lawsuit files are updated procedurally, but no one cares.
$0.025, down.
The Night Watchman shared node statistics: there were zero interruptions in block production during the liquidation week.
$0.024, the new normal.
Weekends, dead silence.
$0.025, weak consolidation.
The redemption queue surged after the liquidation, and all discount tiers were full.
The handicap is numb, $0.024.
Down $0.0235.
Numb handicap, numb group.
It closed at $0.0235 in October, down 41% on the month. Pin $0.0099 Enter the history books.
2025-11
November 2025
30November opened at $0.0235. In the third week after the disaster, bargain hunting funds tentatively entered the market, and someone shouted "bottom confirmation" - this sentence has been shouted four times this year, and the author is counting.
Over the weekend, $0.024 stabilized.
Shrinkage climbs.
At $0.026, a rebound takes shape.
There are more bargain hunting addresses on the chain.
$0.028, +19% from post-disaster lows.
"V-shaped reversal" post appeared, $0.029.
On weekends, stand at $0.030.
The amount of energy is still thin, and I feel guilty because of the increase.
$0.033, rebounded by nearly 40% after the disaster.
A move towards $0.0345 – the top of the post-disaster rally. Someone pulled out XIP-1 and said "I'm still buying after repurchase"; the night watchman reminded: This round of rebound has no volume. It rose and fell back to close at $0.032 on the day, which was the beginning of a prophecy.
The pullback begins at $0.030.
$0.028, the right side of the V collapsed.
The epiphyllum faded, $0.026.
Over the weekend, the group became quiet again.
It fell back to near its starting point at $0.024.
Falling silently.
$0.022, the selling pressure is not heavy, and the buying pressure is even lighter.
Sliding towards $0.021.
Falling below two cents, panic returns.
Probe is down $0.0181 – lower than the close of the liquidation week.
Over the weekend, $0.019 was weakly stable.
The handicap is as thin as a cicada's wings.
The total amount of the staking pool has shrunk for the eighth consecutive week.
Sideways, $0.019.
Down $0.0188.
thanksgiving. The group was deserted, and the night watchman sent a photo of the node machine.
Nothing, $0.0185.
Weekends, $0.019.
November closed at $0.0188. The rebound has returned to zero, and the decline has not stopped.
2025-12
December 2025
31December started at $0.0188. The end of the year is the season when liquidity dries up; the official monthly newspaper is published as usual, with three-digit readings. The chain is running, the game is playing, and the currency is falling - three parallel lines that do not intersect with each other.
Sideways, $0.019.
Unexplained pulse touch $0.0209 - monthly high, return in one day.
Back down to $0.019.
Yin falls.
Weekends, $0.018.
The number of transfers on the chain hit a new low.
$0.0175, falling silently.
The esXAI redemption queue has reached a new high, and redemption at a discount has become mainstream.
$0.017, no resistance.
Officials reiterated that Final Form will be released on Steam early next year, but there has been little response.
$0.0165.
Over the weekend, community annual wrap-up posts started appearing.
The second-hand price of Sentinel Key was inverted from the official selling price, and no one took orders.
$0.016, sliding towards the low zone for the year.
The decline continues.
$0.015, Numb.
Moonshot is as low as $0.0146.
Weak counterdraw $0.015.
Weekends, $0.0152.
Winter Solstice. The night watchman sent a group photo of dumplings, and three people responded.
The lawsuit has been put on the schedule and there has been no substantial progress during the year.
Sideways, $0.0155.
Christmas Eve. Night Watch Dusting the node Machine: "See you next year."
Christmas. The chain produces blocks as usual, $0.0158.
stagnant water.
Weekends, $0.016.
Annual data post hits the screen: -93%, no one refutes.
$0.0157, entering the countdown.
On the penultimate trading day, nothing happened.
Year-end review: The year of pivots and lawsuits
Closed $0.0159. Started the year at $0.2248, -93% for the year. There was no FTX-style thunderstorm this year, only Lingchi: a negative fall in January, a breakthrough in February, a stampede in April, a pin in October, and a short-lived rebound in May in the middle.
At the narrative level, three things were done in 2025 that will be written into the obituary or biography of this chain in the future: Raijin went online, and the chain retreated behind the scenes; Final Form announced de-blockchainization, and the chain was removed from its flagship game; Ex Populus sued Musk's xAI, and Xiao Xiami showed his sword against the giant. In addition to the self-rescue blueprint passed unanimously by XIP-1 - additional issuance, buyback, AI, and US listing, the market expressed its view with -93%.
The year-end readings on the chain are equally bleak: there are long queues for esXAI redemptions, and the 15-day slot with the heaviest discount is the most popular - everyone would rather burn a piece than leave quickly; the total staking pool shrank for the entire second half of the year; the second-hand price of the Sentinel key is inverted to the official selling price, and no one is interested in placing orders. The emission reduction line has been crossed twice in half a year (on April 3 and June 24). The deflationary screw is tightening, but no one cares anymore.
Human ledger: Ah Zhen is playing his "games that players want to play" in Raijin; Sisyphus left the game on the night of October 10, and there is no news again; the Night Watchman's notebook is still producing blocks, and he said it will continue next year.
The author’s short comment: In 2025, this project lost its narrative and 93% of its price, but it maintained its online rate, the number of blocks produced, and a written complaint. Alive, but extremely marginalized - this sentence is the entire footnote of this year.
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