Start the new year at $0.0159. Last year ended with a 93% drop. The group wished each other a Happy New Year, but no one had made a wish for a price target. The chain is producing blocks as usual, the Sentinel online rate is as usual, and the Night Watch notebook is running into its third year.
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Year archive
2026 | The bottom: an all-time low and a pulse that refuses to stop
205 entries
2026-01
January 2026
31The schedule was light during the holidays, but Raijin went on his mission without incident.
$0.0175, up 10% in three days, green for a long time.
The community is counting the days until Final Form will be released on Steam at the beginning of the year.
$0.021. Two weeks ago no one would have believed it was possible to see the prefix 2 again.
The group became lively, and the night watchman only replied with two words: Don't chase.
It hit an intraday high of $0.028, nearly doubling the low of last month. It was the most decent rebound since the 10·10 liquidation. The transaction is magnified several times, but the market opening is extremely thin, and a few hundred thousand dollars can push 5%. Someone shouted "the bottom of the cycle is confirmed", but the author only remembers one sentence: the January restlessness of altcoins has always been a dance on thin ice.
It surged higher and then fell back to close below $0.025, with the chasers trapped at the top.
Second anniversary of launch. Two years ago today a pin was $2.50, today it is $0.024. I dug out old screenshots in the group, and it was like reading other people’s stories. The night watchman said: Two years ago tonight, I didn’t sleep at all.
On the second anniversary of the approval of BTC ETF, the market is calm and no one cares about copycats.
The online rate of Sentinel Network is stable and there are no changes on the chain.
$0.020, the rebound gave up one-third, and the volume capacity shrank.
It fell back to the $0.018 line, and the January rebound was declared dead. There is no incremental capital entering the market, and the surge is just a conspiracy by short covering to thin the market. Hope comes and goes even faster - this miniature round of "hope and disillusionment" lasted only thirteen days. Ah Zhen sent a shrugging expression to the internal group.
Downcast, no news.
Someone asked about the release date of Final Form on the official Discord, but no one answered.
$0.0165, the price shrank and fell, returning to near the starting point.
The weekend is light and the Raijin list is updated as usual.
The night watchman routinely restarts node. It takes five minutes and everything is normal.
$0.0145, below the New Year’s opening price.
Sentinels of the Night's Watch won a lottery, netting a few esXAI.
The number of transfers on the chain was flat, and the number of currency holding addresses increased slightly.
Ah Zhen said that everything in Raijin's backstage was as before, and the chain was quietly keeping accounts in the back.
$0.0125, a fraction of January’s gains.
On weekends, the group chat was about other coins, and there was no topic about XAI.
Routine review of litigation lines: USPTO’s suspension of multiple trademark applications by Musk is still in effect, and federal cases are proceeding as scheduled, with no new ruling. The author of the community legal post summarized it: slow, but the direction is not bad. The author's note: This is the only "offensive" front in the entire project.
The overall market is in a sluggish state, and the shrinking of altcoin transactions has become the norm in the industry.
$0.0107, the low of the month, the rebound in January seems to have never happened.
Nothing happened. When the chain produces blocks, people are silent.
The Raijin weekly list is released as usual, with several Steam games on the list.
Shrinking sideways, $0.011 first line.
January closes at $0.0120: It surges above 0.028 and is back below the starting point.
2026-02
February 2026
28February started at $0.0120. January came and went, and the market's memory of the rally only lasted two weeks. Everything on the chain is business as usual, and the number of currency holding addresses is still slowly climbing.
The intraday price is $0.0126. The price is reversed and sold immediately. There is no one above to take over.
Nothing happened, the transaction was light.
$0.0117, the handicap is so thin that you can see the other side.
Markets fell sharply late at night, with XAI as low as $0.00971, before falling below a penny again on 10·10. There was a series of liquidations on the contract side, and there was almost no spot buying. The group was unusually quiet - only those with strength could shout out panic.
Two-day cleaning: from 0.00971 to 0.00875
The selling pressure in the early morning was more fierce than the night before. Yesterday's low of $0.00971 failed to survive a single trading day. The serial liquidations on the contract side this morning pushed the price directly to $0.00875 - a bit lower than the pin low of the 10·10 major liquidation, thus rewriting the lowest price in history. The spot market at the deepest level is almost empty. Between several market price sell orders, the buy level was once so empty that it could be seen with the naked eye.
Then the decline stopped. There was no announcement, no news, the buying just showed up. Some people say that funds for monthly repurchases are being collected (XIP-1 has authorized repurchases, but there is no way to confirm whether it is); some say that quantification is picking up corpses; some say that there is nothing to sell. There is no evidence for the three statements. The author will record them without making a ruling. By evening, the price recovered to $0.0109, swallowing up almost all of the two-day plunge, leaving a dazzling long lower shadow on the daily line.
In two days, a V-shape completed a round of textbook cleaning: the leveraged bulls died on the first day, the stop loss orders died on the second day, and the remaining chips were transferred to unknown hands. The night watchman didn't watch the market during the whole process. When he woke up in the morning and saw the screen in the group was flooding, he only replied: "node is not offline."
Author's note: In 2024, if this project fell by 5%, it would be in the news; in 2025, if it fell by 50%, it would be on the hot search; in 2026, if it fell below the historical low for two days and then recovered, the industry media did not write a word. No one reports it, which is itself a footnote to ranking and status - this is more indicative of the situation than the K-line.
After the scare, a breather near $0.0105.
Nothing happened over the weekend, the chain didn't miss a block.
$0.0102, the first day of bottoming, no one talked about it.
The night watchman posted a screenshot of the node log in the group: everything is normal.
Sideways. The word GameFi has been absent from industry news for a long time.
Raijin’s new mission is online, and there are people doing it as usual.
$0.0100, rounded up to the round number.
On Valentine's Day, the group was deserted. Some people laugh at themselves: coins and love are both at the bottom.
Nothing happened.
The number of currency holding addresses increased slightly, which is one of the strange phenomena in the bear market.
$0.0098, down half a step.
There are very few large-value transfers on the chain, and exchange wallets are quiet.
Nothing happened, the block was produced as usual.
$0.0101, the bottom range is getting narrower and narrower.
One year anniversary of Bybit being stolen. The scars in this industry are growing one every year.
Weekends are quiet, but Night Watchman’s online rate is 100% as usual.
Nothing happened.
$0.0099, up and down by a penny.
Ah Zhen is working overtime, and Raijin is playing a new game in the background.
Nothing happened, the market collectively lost its voice towards altcoins.
$0.0097, shrink and shrink again.
February closed at $0.0096: two days of sharp decline, twenty days of bottoming, and the monthly line is negative again.
2026-03
March 2026
31March started at $0.0097. The pit of February's sharp decline has not yet been filled, and the market weighs the residual value of this chain at around one cent. The chain produces blocks as usual, and the sentry draws as usual, with no one watching.
Nothing happened.
At $0.0095, the bottom range enters its fourth week.
The Raijin list has been updated, and the pool of hundreds of thousands of registered users is still spinning.
Litigation file updates: Both parties are advancing the evidence exchange process as scheduled, and there is no substantive ruling. Community legal enthusiasts updated the long timeline post and concluded in one sentence: It’s slow, but our trademark registration and USPTO’s suspension order are still real bargaining chips. Court hours are measured in quarters.
Nothing happened.
Weekends, $0.0093.
The night watchman changed the network cable, and node went offline for eight minutes, which made me feel distressed for a long time.
Nothing happened.
Several small amounts were collected on the chain, but the direction was unclear.
Second anniversary of all-time high price. 2024-03-11, $1.60; today, $0.0094, two years -99.4%. Someone in the group posted the K-line from that year, and the accompanying text only contained a series of ellipses. Author's note: Memorial Day is the cruelest calendar feature in the bear market.
Volume increased slightly in late trading, and there was some unusual movement on the market.
$0.0110, up 1.5% in two days, no news driven.
On the first anniversary of the unanimous vote of XIP-1, XAI pulled straight to $0.0159 during the session, with a maximum increase of more than 40%, returning to the opening price at the beginning of the year. Some people say it's a buyback rumor, some say it's a market linkage, some say it's just a short squeeze - all three claims have no solid evidence, and the author will not rule on it. The gains narrowed significantly in late trading.
After rising high and falling back, the first line is $0.013, a familiar script.
At $0.0118, the rally is once again confirmed as a day trip.
It's okay, I'll wait until the tide ebbs.
It fell, and $0.011 was gained and lost again.
Two years since it first fell below $1. Now fighting for a penny.
$0.0105, giving back more than half of the rebound gains.
Nothing happens on the weekend.
Raijin's weekly rankings are issued as usual, and there are no ripples in the chain.
Nothing happened.
$0.0098, falling back to where it was before the move higher.
The number of currency holding addresses has increased to dozens, and no one knows who they are.
Nothing happened.
$0.0090, the drop fell silently, which was more painful than the sharp drop in February.
The intraday price was $0.0087, lowering the February low by a line.
The weekend was dead quiet, nothing happened.
$0.0089, bottom again.
March close at $0.0091: a 40% rally to lower lows.
2026-04
April 2026
30April started at $0.0092. On April Fool's Day, someone posted "Final Form will be on Steam tomorrow" in the group, but no one laughed or scolded. The chain produces blocks as usual, and the fourth halving is on the way.
Final Form asks again: A quarter has passed since the official "early 2026" date, and there is still no date on the Steam page. Questions in Discord were dropped one after another with no response. The last official announcement was the same as "it's a direction, not a promise."
One year anniversary of the second halving. Emissions have fallen, and so have prices.
Nothing happened.
Weekends, $0.0090.
The intraday price was $0.0088, the low of the month. No one was panicking and no one was buying the bottom.
Nothing happened.
The night watchman cleaned up the balcony, moved the notebook, and node didn't stop.
Routine on the chain: emission, staking, redemption, machine-like cycle.
$0.0095, a slight recovery.
Nothing happened.
$0.0108, the market rebounded for a while.
The capacity has caught up a bit, long time no see.
It hit $0.0126 intraday, the month's high, and then fell back.
$0.0118, the rally ended for one day.
No problem, wait for the halving to cross the line.
Fourth emissions halving crosses the line. Automatic execution on the chain, no ceremony, no publicity, no one to celebrate. The community even opened a post to celebrate the first halving in 2024, but now only the night watchman posted in the group: "It's the fourth time." Daily emissions continue to be halved, and the deflation narrative is still there, but there is no audience.
$0.0112, there is no market after halving, which is expected.
Nothing happens on the weekend.
The second anniversary of BTC’s fourth halving has turned a page in the industry calendar.
$0.0108, shrinking back down.
Nothing happened.
Ah Zhen mentioned something: Raijin is talking about the next independent game.
$0.0105, the prototype of the box is vaguely taking shape.
Nothing happened.
On weekends, the chain is quiet.
$0.0102.
The number of currency-holding addresses climbed past another integer threshold, slowly but not stopping.
Nothing happened.
April closed at $0.0104, the first positive monthly line after three consecutive negative days.
2026-05
May 2026
31May opened at $0.0105. The 0.009~0.013 box became its new home, and the market software classified XAI into the "low volatility" column - a euphemism for zombie disks. The chain produces blocks as usual.
Nothing happened.
Weekends, $0.0107.
Raijin Monthly Report: The number of registrations is still increasing, and rewards will continue to be issued.
Nothing happened.
$0.0115, testing the upper half of the box.
Nothing happened.
The intraday price was $0.0131, the high point of the month, and the upper edge of the box returned as soon as it touched.
$0.0122, falling back, volume does not support a breakthrough.
Nothing happens on the weekend.
No problem, Night Watch's online rate is still 100%.
$0.0118, the box center axis is hovering.
Nothing happened.
The redemption queue is smooth and the esXAI emissions machinery is running smoothly.
Snapshot of the current situation: There are 51,000+ currency-holding addresses, still growing slowly; the market value is more than 20 million US dollars, and the ranking has slipped out of the hundreds; tens of thousands of sentinel keys are still protecting the network; Raijin has real users; lawsuits are being fought; the game is to be released. Alive, but extremely marginalized - this sentence is the most accurate medical report at the moment.
$0.0113, nothing.
On weekends, the group chatted about AI coins, but no one talked about GameFi.
Nothing happened.
5·19 fifth anniversary. Night Watchman: I just entered the scene that year, and I’m still here now.
Notes on the lawsuit line: The case is still in the fact investigation stage, and the schedule has not changed; the USPTO’s suspension of Musk’s application continues. No verdict, no sign of settlement, and both sides are running out of money by the hour. The community has rarely discussed the lawsuit, and only the poster on the legal post is still updating it on a monthly basis.
$0.0108.
Second anniversary of the first halving. At that time the coin was worth seventy cents, now it is one cent.
Nothing happens on the weekend.
$0.0104, lower half of the box.
The intraday price was $0.0092, the low of the month, and the lower edge of the box supported it.
Nothing happened.
$0.0097, weak consolidation.
Final Form has entered its fifth month with zero news, and fewer people are asking questions.
Nothing happened.
Weekends, $0.0099.
It closed at $0.0100 in May and was stuck in the box for a whole month.
2026-06
June 2026
30June started at $0.0101. The box has entered its third month, and the volatility is so low that market makers are too lazy to place orders. The chain produced blocks as usual, no one cheered, and no one sang the short message - even the short selling requires attention.
$0.0103, a weak counter-draw in the box.
Nothing happened.
Trading volume fell to its lowest level since listing.
$0.0099.
Nothing happens on the weekend.
The chain is quiet and the redemption queue has almost bottomed out.
$0.0097, the center of gravity quietly shifted downward.
Nothing happened.
The first half of the year is almost over, and there is still no news about the release of Final Form. "Early 2026" was changed to "within 2026", and the official did not even need to change their words - they simply remained silent. The latest pin on Discord is Raijin’s mission announcement. The night watchman said: I haven't waited for the game for a long time. I just watched the chain stop.
Nothing happened.
$0.0095, the lower edge of the box is one step closer.
Weekend, nothing to do.
Nothing happened.
The third anniversary of the official announcement. Today in 2023, the press release reads "Chain born for games."
$0.0094.
Nothing happened.
The broader market weakened, altcoins fell across the board, and XAI was no exception.
$0.0092, the lower edge of the box is under pressure.
Nothing happens on the weekend, and the handicap is as thin as paper.
Nothing happened.
At $0.0091, the lower edge is in danger.
Nothing happened.
One year anniversary of the third halving. The on-chain clock is accurate and the market clock stops.
$0.0090, the box’s last line of defense.
The box is broken. The four-month range of 0.009~0.013 fell silently, falling to $0.0082 intraday—no panic, no heavy volume, or even decent resistance. That's what happens when liquidity dries up: sell orders worth tens of thousands of dollars can gouge through a floor. No one in the group spoke.
$0.0078, the price keeps falling, and no one takes the plunge.
The decline continued over the weekend, at $0.0074.
At $0.0067 intraday, the historical low was refreshed again. The market value has shrunk to less than 20 million US dollars, but the ratio of 24-hour trading volume to market value is abnormally high - low market value and high turnover are the sounds of chips idling between desperate people and speculators. The night watchman still doesn't look at the market, only the online rate.
Closed at $0.0069 in June: a breakthrough month, with a loss of nearly 60% in half a year.
2026-07
July 2026
24July starts at $0.0069. The price has been lower than the lowest point of 10·10 pins. The market calls this the "return to zero zone", but the chain is still not producing blocks for a second. Half a year has passed, and the chronicles have become shorter and shorter, with not a single line missing from the log on the chain.
Nothing happened.
$0.0072, half a step back if oversold.
On weekends, which are U.S. holidays, the plates are even thinner.
At $0.0077 intraday, the rally ends there.
$0.0074, nothing.
Nothing happened.
It is routine on the chain and there is no change in the exchange wallet.
The linear unlock of investor shares has ended. The source of the heaviest selling pressure, which has been weighing on this chain for two and a half years and has been repeatedly calculated by countless analysis posts, was officially cleared today. There were no announcements, no quotes, and the market didn’t even notice this day. The author only remembers one sentence: When the heaviest stone fell to the ground, there was no water splash.
10·10 Nine months of reckoning. The wound wasn't healed, but no one looked at it anymore.
Weekends, $0.0071.
Nothing happened.
$0.0070, every step of the way.
Nothing happened, Sentinel network online rate is as usual.
$0.0069, half a step off June lows.
Nothing happened, the handicap was dead silent.
$0.006651: All-time low
A day without any news. During the early morning hours when liquidity was thinnest, a few sell orders slid along the empty buying orders, and XAI hit $0.006651 - the lowest price in its history of more than 900 days on the market. From $1.60 on 2024-03-11, it has fallen 99.6%.
With a market value of about $14 million, the ranking slipped to just outside the 800th spot. Two and a half years ago, this name was Binance's homepage, with six trading pairs opened at the same time, and a valuation of billions of dollars; today, it is smaller than many new coins that have been online for a week, and it takes more than a dozen pages to find it in the market software. There was not a single industry media report all day long—it fell to an all-time low and there was no news. This is what ranking outside 800 means.
But there is one set of facts that has nothing to do with price: the chain did not stop for a second. Blocks are released, sentinels are drawn, Raijin tasks are issued, and the number of more than 51,000 currency-holding addresses is slowly increasing. The night watchman's notebook ran on the balcony today, just like every other day. Someone asked him his thoughts in the group, and he said: "When I came in 2021, this chain didn't exist yet. Now the chain is there, and I am too. Don't sell in the bull market, don't leave in the bear market, and do what you say." Ah Zhen took a look at the price before leaving get off work, and only replied to the internal group: No transaction was lost in the backend today.
The author recalled many scenes on this day: the decision in the garage to "make one if I can't find a suitable chain"; the pin insertion on the opening night of Binance; the carnival of doubling airdrop customers' accounts in a week; the $1.60 top; the bouncing game and the public cutting; the blood of 10·10. Over nine hundred days and nights, it went from being sought after by thousands of people to being reported by no one. The price has dropped by 99.6%, but there is still 0.4% left - in that 0.4%, there is a chain that is still producing blocks, and a small group of people who are unwilling to leave.
Elegy is not a finale. Today I only record, not say goodbye.
After the low, it went sideways near $0.0067. Late at night, a former member who had been diving for a long time came up - the one who entered airdrop in 2024 and left the market last year. He only sent one sentence: "There are still people here." He paused for a few minutes and added: "node is still running?" The night watchman replied "Yes". He said no more.
Five and a half years: a phased summary
It closed at $0.006809 today, one step away from the all-time low set the day before yesterday. The author stopped to take stock: from 2021 to today, it has been five and a half years.
Garage (2021~2022): A small game studio is making games in the bull market. In the cold winter, it couldn’t find a suitable chain for its own games, so it simply decided to make its own. Chain Building (2023): Offchain Labs enters the game, Arbitrum technology stack is officially announced in June, and mainnet will be launched within the year. The blueprint of "decentralized game console" is as beautiful as a promotional video. Fengshen (early 2024): Binance Launchpool is the top debut, airdrop has a weekly book value of 140 million U.S. dollars, $1.60, a valuation of billions of dollars, and is sought after by thousands of people. Ling Chi (2024-03~2025): There are no thunderstorms, no running away, only four blunt knives: unlock, emissions, bounced tickets, and track ebb, cutting off 99% in two and a half years; the flagship game is finally publicly cut with the chain, and the chain retreats into an invisible background; 10·10 A pin, cleaning up the last fantasy. Bottom (2026): The false rebound in January, the sharp drop in February, the box in four months, the breakout in June, and $0.006651 in July. No one celebrated the fourth halving, no one cared about the launch of the heaviest unlock, and no one reported the lowest price in history.
Today's status can be summed up in one sentence: alive, but extremely marginalized. The chain is producing blocks, Sentinels are protecting the network, Raijin has real users, the lawsuit is still being fought, the game has not been released yet, the currency holding addresses are still rising, and the price is still lying on the ground.
Someone asked the author: Do you still remember it? remember. Five and a half years has taught me one thing - in this industry, dead projects are all similar, and living projects each have their own way of living. XAI's way of living is the ugliest one: undignified, but alive.
The story is not finished. The author doesn’t know what the next paragraph will be. I only know that the chain will produce blocks tomorrow and the night watchman’s notebook will still be lit. Then continue to remember.
On Monday, the chain was as usual, and there was no change in the repurchase wallet.
There is still no change in the buyback wallet, and only the night watchman in the group reported node online.
The monthly repurchase announcement has been increased for the first time: the scale has doubled compared with the previous issue, and it has been changed to 100% destruction after repurchase. Previously, it was only repurchased and not destroyed. It closed at $0.0068, with no response from the market. The night watchman said in the group: "The caliber has changed, haven't you noticed?" No one answered, so I made a note of it.
The first batch of repurchased token was transferred to burn address, but no one in the group answered the call.
The numbers in the burn address did not turn around, and the group remained quiet.
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