Gaming Tokens Are Riding the Bullish Bitcoin Wave
Gaming tokens are rising once more Monday as Bitcoin hits $50,000 for the primary time since 2021, placing an exclamation mark on a full of life final week that noticed Immutable (IMX) mark a two-year excessive worth and the MAVIA token from Heroes of Mavia greater than quadruple in worth.
Immutable, the token of the gaming-centric Ethereum scaling networks Immutable X and Immutable zkEVM, popped above a worth of $3 late Sunday and has remained round that vary, at the moment sitting at $3.09.
That’s the very best worth that IMX has marked since February 2022, in response to information from CoinGecko, and the present worth represents a 37% bounce during the last seven days. It additionally pushed Immutable into the highest 25 general cryptocurrencies by market cap, making it the one gaming coin to take a seat in that elite firm.
In December, funding agency VanEck projected that IMX would rise to develop into a prime 25 coin by market cap in 2024. On the time, it was ranked thirty first on CoinGecko at a worth of round $2 per token. At its present worth, IMX has a market cap of practically $4 billion.
One other enormous gainer of late is BEAM, the token of the Beam gaming ecosystem from the Benefit Circle DAO. BEAM is up a whopping 70% over the previous week, and set a brand new all-time excessive worth early Monday. It’s at the moment priced above $0.029 and ranked 58th general by market cap.
Whereas it has a a lot smaller market cap to this point, the MAVIA token for just lately launched technique sport Heroes of Mavia has seen a large spike in worth since debuting final week. The Ethereum token jumped to an all-time excessive of $9.25 on Sunday, and at a present worth of $8.27, it has greater than quadrupled in worth since debuting at $1.83 on February 6.
The Conflict of Clans-like cell sport debuted in late January and has reportedly racked up greater than 1,000,000 downloads to this point throughout iOS and Android. Heroes of Mavia held an airdrop final week and awarded MAVIA to 100,000 early gamers who related their account to the sport’s web site, together with NFT land house owners who participated in earlier promotions.
Gaming tokens are broadly up throughout the board during the last week, with Axie Infinity’s AXS token up 13% to $7.88, The Sandbox’s SAND token rising 12% to $0.48, and Gala Video games’ GALA token popping 13% to a worth above $0.02. Illuvium’s ILV token is one other massive winner, spiking 35% over the previous week to a worth of about $96.40.
The one notable exception is RON, the token of Ethereum gaming community Ronin, which has fallen by practically 4% over the previous week after rising above $3 final week for the primary time in two years. RON dropped sharply after being listed on Binance, falling as little as $2.39 over the previous week, however has steadily regained floor in current days.
