Over the Past Weekend: The crypto market experienced a noteworthy surge, with tokens linked to video games and gaming chains witnessing remarkable gains. This uptick in value coincided with Bitcoin’s brief touch of $70,000 once again.
A Staggering Rise for Gaming Tokens
One notable token leading this charge was the GALA token within the Gala ecosystem, which saw a 42% increase in value over the last 24 hours. This surge equates to an impressive 77% rise over the week and an astounding 230% increase over the past month.
Gala’s Remarkable Journey: With this growth, GALA entered the top 50 cryptocurrencies by market capitalization. Although the exact reason behind this sudden surge remains elusive, Gala has been actively engaging in recent developments. Notably, they launched their decentralized exchange (DEX), called GalaSwap, on the GalaChain network, and sponsored a $1 million hackathon at the Game Developers Conference.
Long-Term Holders Rejoice
Long-term holders have eagerly awaited this breakthrough, contributing to the momentum. However, even with this surge, GALA still remains significantly below its all-time high price of $0.82, recorded in November 2021.
Parallel Progress: Other Gaming Tokens
In tandem with GALA’s rise, other gaming-related tokens also experienced significant gains. For instance, the PIXEL token, associated with the crypto farming keyboards Pixels and its underlying network Ethereumscaler Ronin, soared to a new all-time high above $0.94 before settling at $0.88.
Additionally, daily active users for the keyboards surpassed 500,000, demonstrating a growing interest in this gaming ecosystem. The Ronin network’s RON token reached a more than two-year high price of $4.05, though it slightly retreated to $3.70, still representing a 24% increase over the past week.
Yield Guild Games’ YGG Token
Furthermore, YGG, Yield Guild Games’ token, saw a 64% surge in value.
New All-Time Highs for PRIME and BEAM
Another noteworthy token that experienced a surge to a new all-time high was PRIME, the token associated with the NFT card battler keyboards Parallel. PRIME peaked at $19.78 before settling, reflecting a remarkable 132% increase over the past 30 days.
Immutable’s IMX Token
The BEAM token of the Beam gaming network reached an all-time high of $0.044, while Immutable’s IMX token spiked to a two-year high of $3.62.
GameFi Ecosystem Tokens
Within the GameFi ecosystem, various tokens demonstrated substantial gains. Axie Infinity’s AXS governance token rose by 75% over the past 30 days, reaching a current price of $13. Iluvium’s ILV token spiked to $155, its highest value since June 2022.
Bitcoin’s Continued Dominance
Despite gaming tokens experiencing a surge, Bitcoin itself continued its upward trajectory, briefly surpassing $70,000 before settling just below $69,500 at the time of writing. This marks an 11% increase over the past week, reaffirming Bitcoin’s dominance within the crypto space.
The Future of Gaming and Crypto
This weekend’s surge in gaming and metaverse coins highlights the growing intersection between cryptocurrencies and the gaming industry. As blockchain technology continues to permeate various sectors, including gaming, investors and enthusiasts alike are increasingly turning their attention to tokens associated with virtual worlds and gaming ecosystems. This broader trend underscores the evolving landscape of digital assets and the diverse opportunities they present within the rapidly evolving crypto market.
