Gaming tokens Gala, Ronin, and MANA experienced significant surges as users of the popular gaming platform Axie Infinity rebounded. Over the weekend, these cryptocurrencies saw strong demand from day traders, resulting in impressive price gains.
Gala, in particular, saw its price surge by more than 34% on Sunday, reaching its highest point since August 2022. This represents a remarkable increase of over 400% from its lowest point in 2023, pushing its total market capitalization above $1.8 billion.
Meanwhile, Axie Infinity and Ronin witnessed increases of 20% and 18% respectively. Other gaming tokens that performed well include Decentraland (MANA), The Sandbox (SAND), and Beam. These tokens all experienced double-digit gains, reaching their highest levels since 2022. Consequently, the total market capitalization of gaming tokens surpassed $31 billion, as reported by CoinGecko.
The sudden surge in these tokens’ value compared to the broader crypto market is still somewhat unclear. However, their soaring prices could be attributed to their correlation with the overall market. Bitcoin has already set a new all-time high, and Ethereum surpassed $4,000 last week. Consequently, many traders anticipate a surge in demand for these gaming networks as gamers capitalize on the price movements.
This anticipated trend is already materializing, as data from DappRadar indicates that the total number of Unique Active Wallets (UAW) has increased to over 75.14k in the past 30 days. Moreover, the balance in the gaming ecosystem has skyrocketed to over $1.5 billion.
The Sandbox has also experienced a similar trend, with UAW figures rising by 18% and the balance spiking by 75% to over $57 million.
The rise of gaming tokens can also be attributed to recent thematic movements in the crypto market, where tokens within the same category tend to move in sync. For instance, previously, AI tokens like Fetch AI and SingularityNET dominated the market, followed by the surge of meme coins such as Pepe, Bonk, and Floki Inu.
Looking ahead, it is likely that these gaming coins will continue to rise in the coming weeks, as long as Bitcoin and other cryptocurrencies maintain their upward trajectory. Historically, there has been a close correlation among various cryptocurrencies.
In conclusion, the rebound of Axie Infinity users has led to a remarkable surge in the prices of gaming tokens such as Gala, Ronin, and MANA. These tokens have outperformed the broader crypto market and are expected to continue rising as long as the market maintains its positive momentum.