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Cryptocurrency Market Volatility: Impact on Gaming Tokens
The cryptocurrency markets have experienced significant volatility in recent days, with many major tokens experiencing sharp declines. This trend comes ahead of the highly anticipated Bitcoin halving, scheduled for late Friday. While Bitcoin (BTC) has seen a drop of over 12% this week, with the price hovering around $61,500 from a high of $71,000 earlier, Ethereum (ETH) has fallen by nearly 15% to $3,000.
However, gaming tokens have been hit particularly hard, with some notable tokens experiencing drops of over 30% and reaching all-time low prices. Solana (SOL) has plummeted by 22%, while Avalanche (AVAX) is down by 28% in the past seven days. According to data from CoinGecko, gaming tokens have been among the worst affected in this market downturn.
Notable Gaming Token Performances
- GALA: The token of the Gala Games ecosystem, GALA, has seen a dramatic 32% decline, now trading at approximately $0.04.
- Immutable (IMX): The most valuable gaming token with a market cap of $2.7 billion, IMX has experienced a 27% drop to $1.89. In the past month alone, the token has fallen by almost 50%.
- New Gaming Tokens: Tokens launched this year have also suffered substantial losses, with PIXEL down 39% to $0.40, XAI down 34% to $0.68, and PORTAL plunging 34% to $0.99 in the last week. Both PIXEL and PORTAL hit all-time lows recently.
Even well-established gaming tokens are feeling the impact, with AXS and APE down by 27%, SAND by 28%, and ILV by 29% in the same period. However, there are exceptions to this trend, such as the GOG token of Guild of Guardians, which is up an impressive 69% this week to over $0.29. The mobile fantasy game from Immutable, Guild of Guardians, is set to release in May after years of development.
Last week, Immutable revealed a collaboration with the card-battler game Gods Unchained, announcing a Guild of Guardians-themed expansion. Despite the overall market turbulence, these partnerships and upcoming releases demonstrate resilience and potential opportunities for certain gaming tokens in the volatile cryptocurrency landscape.
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