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Prominent Crypto Tokens Soar in Value, Led by Gaming and Metaverse Coins
Prominent crypto tokens tied to video games and gaming chains have experienced a significant surge in value over the weekend, with some reaching new all-time highs and others hitting their highest points in years. This surge occurred concurrently with Bitcoin briefly surpassing the $70,000 mark.
The Gala ecosystem’s GALA token emerged as the biggest gainer during this weekend’s surge in gaming and metaverse coins, with its price skyrocketing by 42% over the past 24 hours to nearly $0.08 at present, based on data from CoinGecko. Earlier on Sunday, the token almost reached $0.085, marking a remarkable 77% increase over the week and a striking 230% surge throughout the past month.
Despite the absence of an explicit catalyst to explain this sudden surge, Gala has been actively engaged in recent developments, and long-term holders have been anticipating a breakout. Notably, Gala recently introduced its GalaSwap decentralized exchange (DEX) on its proprietary layer-1 GalaChain network and is currently sponsoring a $1 million hackathon at the upcoming Game Developers Conference.
The surge over the weekend elevated GALA’s ranking into the top 50 cryptocurrencies by market capitalization, as reported by CoinGecko. Nevertheless, the token is still trading at over 90% below its all-time high price of $0.82 from November 2021.
Other Notable Performances
Amid the weekend’s surge, the crypto farming game Pixels and its associated network, the Ethereum scaler Ronin, also witnessed significant gains. The PIXEL token surged to a new all-time high price exceeding $0.94 overnight, just a few weeks after its launch, and is presently valued at $0.88, reflecting a 63% increase over the week.
Moreover, the Ronin network’s RON token experienced a notable upsurge, reaching $4.05 overnight, marking its highest price in over two years. Although the token approached its previous all-time high of $4.29 from January 2022, its current price has slightly receded to $3.70. Nonetheless, it still showcases a 24% increase over the past week.
Another token that demonstrated a remarkable performance by reaching a new all-time high price is PRIME, the token associated with the NFT card battler Parallel, which peaked at $19.78 early Sunday. This surge is further reinforced by Parallel’s recent beta opening to all players and Coinbase’s announcement of a giveaway to attract new users.
Additionally, the BEAM token from the Beam gaming network achieved an all-time high price of $0.044 on Sunday, while Immutable’s IMX—the leading gaming token by market cap—surged to a two-year high of $3.62 on Saturday.
Notable mentions in the gaming token segment include Axie Infinity’s AXS governance token, which saw a 75% increase over the past 30 days, currently trading at $13, and Iluvium’s ILV token, which soared to $155 overnight, marking its highest valuation since June 2022. Across CoinGecko’s list of GameFi tokens, substantial gains are evident.
In many instances, the gains observed in gaming and metaverse tokens have surpassed those of Bitcoin, the predominant cryptocurrency based on market capitalization. Following its historic breach of the $70,000 threshold on Friday, Bitcoin remains slightly below $69,500 at present, registering an 11% increase over the past week.
Disclaimer: The views and opinions expressed in this article are intended for informational purposes only and should not be construed as financial, investment, or other advisory advice.
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