Bitcoin Flash Crash Causes Gaming Tokens to Plummet
When Bitcoin experiences a significant drop, it often has a ripple effect on the rest of the cryptocurrency market. In the past 24 hours, Bitcoin has fallen by approximately 7%, leading to what is being referred to as a “flash crash.” As a result, gaming-related tokens have seen declines ranging from 5% to 15%.
Gaming Tokens Experience Significant Losses
Several gaming tokens have suffered losses in the past day. Immutable’s IMX token has dropped by around 9%, while The Sandbox’s SAND token has seen a decrease of about 12%. Axie’s AXS token and GALA token have both experienced drops of around 10% and 13%, respectively. Additionally, Merit Circle’s BEAM token and ApeCoin have fallen by approximately 9.5% and 13%.
Other gaming tokens, such as Stepn’s GMT token, Enjin Coin, Parallel’s PRIME token, and WAX, have also seen declines in the past day. These losses have been exacerbated by Bitcoin’s flash crash.
Crypto Long Positions Liquidated
The flash crash resulted in over $550 million worth of crypto long positions being liquidated, according to CoinGlass data.
Gains Amidst the Decline
While many gaming tokens experienced price drops, some tokens managed to make gains. Axie’s Smooth Love Potion (SLP) and Yield Guild Games’ YGG tokens saw increases of approximately 4% and 11%, respectively. Oasys also saw a gain of about 6.3% in the past day.
Potential for Recovery
Despite the current decline, some gaming tokens have recently reached significant highs. IMX reached a 20-month high at $2.35, and GALA saw 18% gains last month. However, their prices have since decreased.
Future Tokens on the Horizon
The world of crypto gaming tokens continues to evolve. Upcoming tokens include PIXEL by the Ronin-based Pixels game, the PORTAL token with its vision as a “universal” gaming token, and MXM by MixMob, which is planning a token sale this month.
Hot Take: Uncertain Times for Gaming Tokens
Gaming tokens have been hit hard by Bitcoin’s flash crash, experiencing significant losses in the past day. While some tokens have managed to make gains amidst the decline, others are struggling to recover. The future of gaming tokens remains uncertain as new tokens are set to enter the market. Investors and enthusiasts will need to stay vigilant and closely monitor the volatility of these digital assets.
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