This weekend a crazy surge in value for several cryptocurrency tokens associated with gaming platforms and blockchain networks, with some reaching new record highs and others achieving their most significant values in recent years. This uptick occurred as Bitcoin briefly touched the $70,000 threshold, to only further continue breaking the $72,000 mark.
In the realm of gaming and virtual worlds, the GALA token from the Gala ecosystem emerged as a standout. It experienced a 42% increase in the last day alone, bringing GALA current price to nearly $0.08 on Gate.io. Earlier in the day, it flirted with $0.085 and has seen a 77% rise over the past week and a 230% increase in the past month.
Diving into gaming tokens
Although there isn’t a singular event driving this surge, Gala has been active with recent initiatives. These include the launch of its GalaSwap decentralized exchange (DEX) on the GalaChain layer-1 network, along with a $1 million hackathon sponsorship at the upcoming Game Developers Conference. These activities may have contributed to the heightened anticipation and recent performance spike.
GALA’s recent upturn has propelled it into the top 50 cryptocurrencies by market capitalization. Despite this achievement, its price is still significantly lower than its all-time peak of $0.82 in November 2021.
Other cryptocurrencies making headlines this weekend include the PIXEL token from the crypto-based game Pixels and the Ronin network, an Ethereum scaling solution. With this said, PIXEL reached a new all-time high of over $0.94, only to adjust to $0.88, marking a 63% increase over the week. This jump aligns with the game attracting over 500,000 daily active users and the Ronin network’s RON token peaking at $4.05, its highest in over two years.
Although RON’s price has receded to $3.70, it’s still up 24% for the week, closely trailing its highest ever price of $4.29 from January 2022. The Pixels game’s ecosystem also saw the Yield Guild Games’ YGG token climb by 64% this week, following its announcement as the game’s guild infrastructure partner.
Another gaming-related token achieving a new high was PRIME from the NFT card battle game Parallel, peaking at $19.78 and marking a 132% increase over the last month. This surge coincided with Parallel’s beta opening to players and a promotional event by the Coinbase exchange.
Additionally, the BEAM token from the Beam gaming network and the IMX token from Immutable, a leading gaming token by market capitalization, both reached notable price milestones. Axie Infinity’s AXS and Iluvium’s ILV tokens also saw significant increases, with gains across the board outpacing Bitcoin’s own rise. Despite Bitcoin’s impressive climb over the weekend, these gaming and blockchain-based tokens demonstrated even more remarkable growth, underscoring the dynamics of the subindustry they are in.
Just in case you are new to AXS
Axie Infinity is a digital arena where adorable creatures known as Axies engage in strategic combat. This game is anchored in the Ethereum blockchain ecosystem and benefits from the Ronin sidechain, which significantly reduces transaction costs and speeds up processing times. The core gameplay involves turn-based skirmishes, where players can challenge AI-controlled teams or real opponents across the globe.
Each creature and piece of land in the game is represented as a non-fungible token (NFT), providing a unique cryptographic signature that verifies ownership of digital assets within Axie Infinity. This means that players actually own the Axies and land they acquire, with the ability to trade these assets in the game’s marketplace for actual currency.
Breeding Axies is another facet of the game, allowing players to create new, potentially more powerful creatures. These newly bred Axies can also be sold as NFTs on the marketplace. Some of these digital assets have reached astonishing sale prices, with individual Axies fetching upwards of 300 ETH, translating to over $600,000 in certain cases.
To embark on the Axie Infinity adventure, newcomers must acquire three Axie NFTs to form their initial team. These can be purchased directly from the game’s official marketplace using a Ronin wallet linked to the game.
What is GALA?
Gala, operating within the expansive domain of blockchain and digital entertainment, stands as a major player in the gaming and metaverse sectors. It’s purpose is to empower players with true ownership of in-game items and creating a decentralized gaming ecosystem. Gala leverages blockchain technology to facilitate these objectives.
Through its native token, GALA, users can engage in governance, secure transactions, and participate in the ecosystem’s growth and development. Beyond its innovative GalaSwap decentralized exchange and the underlying GalaChain, Gala’s commitment to fostering a vibrant community is evident in its involvement in events such as hackathons and partnerships aimed at expanding the gaming landscape.
Owing to its success and popularity, Gala has not only attracted a considerable user base but has also significantly impacted the market with its technology, partnerships, and community-driven approach, making it a key contributor to the blockchain-based gaming.
Blockzeit Disclaimer: This article is sponsored. Blockzeit does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should conduct their own research before taking any actions related to the advertised project. Blockzeit is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release. This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
By accessing and reading this article, you acknowledge and agree to the above disclosure and disclaimer.