Gaming Coin Values Plummet as Bitcoin Declines Prior to Halving
The cryptocurrency market has experienced significant losses recently, particularly leading up to the anticipated Bitcoin halving set to take place on late Friday. Among the hardest-hit coins are gaming tokens, with some notable ones dropping by more than 30% and reaching their lowest prices in history.
Bitcoin’s price has plummeted over 12% this week, falling to around $61,500 after previously reaching above $71,000. Ethereum has also suffered, experiencing a nearly 15% decline over the past week and currently resting at $3,000.
Numerous major tokens have experienced even more substantial drops this week, with Solana falling by 22% and Avalanche down by 28% in the last seven days. However, gaming tokens have fared even worse during this period, according to data from CoinGecko.
GALA, the token associated with the Gala Games ecosystem, has had an especially challenging week, plummeting by 32% to a current price of approximately $0.04. Immutable (IMX), the most valuable gaming token with a market capitalization of $2.7 billion, has fared slightly better with a 27% decline to $1.89. Nonetheless, the token for Ethereum scaling network has fallen nearly 50% in just a little over a month.
Gaming tokens that launched this year are among the hardest hit, with PIXEL, the token for Pixels, experiencing a 39% loss in the past week alone, currently valued at around $0.40. The XAI token for the Xai gaming network has dropped by 34% to $0.68, and the Portal token has plunged by 34% in the past seven days to $0.99. Both Pixel and Portal tokens reached their all-time lows on Saturday.
Some well-known tokens that have been around for a while also haven’t fared much better this week. Axie Infinity (AXS) and ApeCoin (APE) have experienced a 27% decline, while The Sandbox (SAND) has dipped by 28%, and Illuvium (ILV) has dropped by 29%.
However, there is one rare exception to the downward trend: the GOG token of Guild of Guardians, a mobile fantasy game developed by Immutable that is finally set to release in May after years of public development. The GOG token has seen a 69% increase in value this week, currently priced above $0.29.
Last week, Immutable announced a crossover event with the card-battler Gods Unchained, which plans to introduce a Guild of Guardians-themed expansion.
Edited by Ryan Ozawa.