Ethereum
Bitcoin and Ethereum are cooling, but gaming token prices are falling
Like the price of the main cryptocurrency Bitcoin cools down, game tokens are among the worst-hit tokens over the past week, with one major game’s token dropping 40% during that time.
After an overall strong first half for crypto, Bitcoin fell almost 6% over the past week to $66,830, while Ethereum fell 10% to $3,460 as investors wait for spot Ethereum ETF start trading in the USA
But as the crypto market bleeds, the gaming segment has suffered some of the worst losses. Gaming tokens tend to be very volatile, as coins, in part because the crypto gaming market is still relatively nascent. And this week, major gaming project-related tokens are scoring some of the biggest hits of all.
Among the main game tokens, the most affected is the Guardian Guild (GOG), falling 40% to $0.105, with Parallel’s PRIME the token follows closely with a 36% drop to just under $11.
Guardian Guild launched on Ethereum network scaling immutable zkEVM in May, winning a positive review Since Decipher the GG of after signing up over a million potential players ahead of the wider release. But as the game plans to deploy a new goalkeeperit could not hold back market pressure with its token falling.
The decline in PRIME occurs in the middle Parallel launches on Epic Games Storea gesture that puts the NFT card battle game with a monthly audience of 75 million active users. Once again, despite this seemingly positive development for the game, it is still one of the most affected gaming tokens this week.
Other big losers include the layer 3 Ethereum gaming network Xaï (XAI), down 30% to around $0.63 amid the launch of its Vanguard: Genesis Campaign. This initiative will see several new games rolled out to the network in the coming months, in addition to new rewards for players and builders to earn.
After a successful airdrop campaign earlier this year, Portal (PORTAL) fell 30% this week, while the Clash of Clans-style mobile game Heroes of Mavia (MAVIA) fell 29%. Top clicker game based on Telegram Notcoin (NOT) fell 19% shortly after reach 40 million players.
Most gaming tokens among the top 100 global cryptocurrencies by market capitalization saw similarly significant declines, including Gala Games (GALA) with a drop of 25%, Beam (BEAM) down 20% and Immutable (IMX) down almost 19% over the past seven days.
In fact, the gaming market was hit so hard that only six of the top 100 GameFi tokens, ranked by CoinGecko, are in the green last week. Particularly a real-time strategy game Apeiron (APRS) is up 5% while its e-sports championship rages.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.