Prominent Gaming Tokens Soar in Value While Bitcoin Reaches New Heights
Prominent crypto tokens tied to video games and gaming chains have experienced a significant surge in value over the weekend. This surge has resulted in some tokens reaching new all-time high prices, while others have reached their highest point in years. Meanwhile, Bitcoin briefly returned to the $70,000 mark. Letโs take a closer look at the notable winners and their recent achievements:
Gala Token (GALA)
The Gala ecosystemโs GALA token is the biggest winner in this weekendโs gaming and metaverse coin surge. The price of GALA has jumped 42% over the last 24 hours alone, reaching nearly $0.08 at present. It came close to hitting $0.085 earlier on Sunday and is currently up 77% for the week and 230% for the month. GALA has also entered the top 50 cryptocurrencies ranked by market cap according to CoinGecko. However, it is still over 90% below its all-time high price of $0.82 from November 2021.
Pixels Token (PIXEL) and Ronin Network (RON)
The surging crypto farming game Pixels and its associated network Ronin have also seen significant increases in value this weekend:
- The PIXEL token spiked to a new all-time high price above $0.94 overnight and is currently sitting at $0.88, up 63% for the week.
- The Ronin networkโs RON token hit $4.05 overnight, marking a more than two-year high price. Although it didnโt surpass its all-time high of $4.29 from January 2022, it is still up 24% for the week.
Yield Guild Games Token (YGG)
The YGG token, which serves as the gameโs guilds infrastructure partner, has experienced a 64% increase in value this week.
Parallel Token (PRIME)
The PRIME token of NFT card battler Parallel reached a new all-time high price of $19.78 early on Sunday, representing a 132% increase over the past 30 days. This surge occurred after Parallel opened up in beta to all players and following an announcement from Coinbase regarding a giveaway to attract new users.
Beam Gaming Network Token (BEAM) and Immutable Token (IMX)
The BEAM token of the Beam gaming network set an all-time high price of $0.044 early on Sunday. Additionally, the IMX token from Immutable reached a two-year high of $3.62 on Saturday.
Axie Infinity Token (AXS) and Iluvium Token (ILV)
Axie Infinityโs AXS governance token is currently up 75% over the past 30 days, reaching a price of $13. On the other hand, Iluviumโs ILV token spiked to $155 overnight, its highest value since June 2022.
Bitcoin Makes Waves But Gaming Tokens Outperform
While Bitcoin has once again risen above $70,000, reaching new heights after its historic breach of that price point on Friday, the gains made by gaming tokens have outpaced those of the leading cryptocurrency:
- Bitcoin is currently just below $69,500, putting it up by 11% for the week.
- Gaming tokens such as GALA, PIXEL, RON, YGG, PRIME, BEAM, IMX, AXS, and ILV have all experienced substantial increases in value.
Hot Take: Gaming Tokens Dominate the Market
The recent surge in value for gaming tokens tied to video games and gaming chains highlights their growing popularity and potential within the crypto market. While Bitcoin continues to make waves, these gaming tokens are outperforming it in terms of price gains. This trend suggests that investors and crypto enthusiasts are increasingly recognizing the value and potential of the gaming industry within the broader crypto ecosystem. As the metaverse and gaming sectors continue to expand, we can expect further growth and development in this space.
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