Gaming Tokens Surge as Bitcoin Hits $50,000
Gaming tokens are experiencing a surge in value as Bitcoin reaches $50,000 for the first time since 2021. This follows a lively week where Immutable’s IMX token reached a two-year high and the MAVIA token from Heroes of Mavia quadrupled in price.
Immutable Token Reaches Two-Year High
Immutable X and Immutable zkEVM’s token, IMX, reached a price of $3 late Sunday, marking its highest value since February 2022. The current price represents a 37% increase over the past seven days and has propelled Immutable into the top 25 cryptocurrencies by market cap.
BEAM Token Soars and Heroes of Mavia Sees Quadruple Increase
The BEAM token from the Beam gaming ecosystem has surged by 70% in the past week, reaching a new all-time high price. Additionally, the MAVIA token for Heroes of Mavia, a strategy game, has more than quadrupled in price since its debut, currently priced at $8.27.
Rise of Gaming Tokens
Axie Infinity’s AXS token is up 13%, The Sandbox’s SAND token rose 12%, Gala Games’ GALA token increased by 13%, and Illuvium’s ILV token spiked by 35% in the past week. However, RON, the token of Ethereum gaming network Ronin, experienced a slight decline after being listed on Binance but has been gradually recovering.
Hot Take: Gaming Tokens Benefit from Bitcoin Surge
The rise in gaming tokens can be attributed to Bitcoin’s surge to $50,000. As cryptocurrencies gain mainstream attention and adoption, investors are increasingly looking towards gaming tokens for their potential growth. The recent price increases of IMX, BEAM, and MAVIA tokens highlight the lucrative opportunities available in the gaming industry. With the continued development of gaming-centric blockchain networks and the popularity of strategy games like Heroes of Mavia, gaming tokens are poised to play a significant role in the crypto market.
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