2024-3-10 08:25 |
Gaming cryptocurrencies were among the best performers during the weekend amid rising demand from day traders.
Gala price surged by over 34% on Sunday as it surged to its highest point since August 2022. It has risen by over 400% from its lowest point in 2023, bringing its total market cap to over $1.8 billion.
Axie Infinity, the pioneering gaming platform, rose by 20% while Ronin surged by 18%. Other top-performing gaming tokens were Decentraland (MANA), The Sandbox (SAND), and Beam.
All these tokens rose by double-digits and moved to their highest level since 2022. As a result, the total market cap of all gaming tokens jumped to over $31 billion, according to CoinGecko.
It was unclear why these tokens jumped sharply and outperformed the broader crypto market during the weekend.
A likely reason is that these gaming cryptocurrencies are soaring because they correlate with the broader market. Besides, Bitcoin has already surged to an all-time high while Ethereum moved above $4,000 last week.
As a result, the view among most traders is that these networks will see strong demand as gamers take advantage of the price moves.
This trend is already happening. Data by DappRadar shows that the total Unique Active Wallets (UAW) jumped to over 75.14k in the past 30 days. The total balance in the ecosystem has now soared to over $1.5 billion.
The same trend has happened in The Sandbox, where the UAW figure rose by 18% while the balance spiked by 75% to over $57 million.
These gaming tokens are also rising because of the recent thematic moves we have seen in the crypto market. This is where tokens in the same category tend to move in sync.
For example, last week, I wrote that AI tokens like Fetch AI and SingularityNET were leading the charge. A few days later, it was meme coins like Pepe, Bonk, and Floki Inu that were soaring.
Looking forward, these gaming coins may continue rising in the coming weeks as long as Bitcoin and other cryptocurrencies are gaining. Historically, there has been a close correlation among cryptocurrencies.
The post Gaming tokens Gala, Ronin, MANA soar as Axie Infinity users rebound appeared first on Invezz
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