GameFi tokens surged as Bitcoin nears $70,000
Tokens linked to gaming titles like Pixels, Parallel, and Beam saw significant gains last weekend, outpacing Bitcoin's fluctuations.
GameFi tokens surged as Bitcoin nears $70,000. Image: Techopedia
Looking at the charts last weekend, a sea of green dominated the game token and specialized blockchain sectors for web3 gaming operations. Some tokens reclaimed previous positions, while others set new records over the past few years, amidst Bitcoin nearing its $70,000 resistance.
Highlighted in the GameFi sector. Source: CoinGecko
Most notably, GALA from the eponymous ecosystem saw its price surge over 42% in just one day. Over the week, it soared more than 77% and 230% compared to the previous month.
The 1-hour chart of GALA/USDT on Binance at 10:45 AM on March 11, 2024
This breakthrough propelled GALA into the top 50 cryptocurrencies by market capitalization. Despite this, its price remains 90% below its peak of $0.82 in November 2021.
There's no specific factor explaining GALA's sudden price hike. However, recent activities such as the launch of the GalaSwap decentralized exchange (DEX) on GalaChain's layer-1 and sponsorship of a $1 million hackathon at the Game Developers Conference could be contributing factors.
PIXEL (Pixels) is another standout, with the token for the farm game and Ronin sidechain both surging last weekend. PIXEL hit a new high of $1 shortly after its token release.
The 1-hour chart of PIXEL/USDT on Binance at 10:45 AM on March 11, 2024
RON (Ronin) reached an all-time high not seen in over two years overnight. However, RON's price corrected to $3.6 at the time of writing, down from its peak of $4.072.
The 1-day chart of RONIN/USDT on Binance at 10:45 AM on March 11, 2024
YGG (Yield Guild Games) also rode the Pixels wave after being announced as a game infrastructure partner. This news boosted YGG by 64%.
The 1-hour chart of YGG/USDT on Binance at 10:45 AM on March 11, 2024
PRIME, the token for the NFT battling game Echelon Prime, hit a new high of $19.78 on March 10 and surged 132% in the past 30 days. Parallel's wide beta game launch and announcements from Coinbase about gift programs to attract new players reinforced this upward trend.
Price fluctuations of BEAM in the past day, screenshot from CoinMarketCap at 11:00 AM on March 11, 2024
The BEAM token from the gaming network of the same name also set a new milestone at $0.044 yesterday.
The 1-day chart of BEAM/USDT on Binance at 10:45 AM on March 11, 2024
Additionally, IMX (Immutable) – the largest gaming token by market capitalization – surged to a two-year high of $3.62.
The 1-hour chart of IMX/USDT on Binance at 10:45 AM on March 11, 2024
AXS (Axie Infinity) and ILV (Iluvium) recorded fluctuations of 75% and 62.7% respectively over the past month.
The 1-hour chart of AXS/USDT on Binance at 10:45 AM on March 11, 2024
The 1-hour chart of ILV/USDT on Binance at 10:45 AM on March 11, 2024
In most cases, the price fluctuations of these tokens were significantly higher than Bitcoin's. The largest cryptocurrency nearly broke the $70,000 mark on March 8.
