Have you noticed the trend of gaming tokens rising? It’s an intriguing development in the world of cryptocurrencies, with tokens linked to video game projects and platforms seeing significant gains. This surge is particularly notable among the top 100 cryptocurrencies by market capitalization in recent times.
A Closer Look at the Rising Stars
Several gaming tokens have made impressive strides in the past week. One such token is Axie Infinity (AXS), which has experienced a 12% increase over the past week, according to data from CoinGecko. This trend has pushed AXS to a nearly six-month high, peaking at $7.55 over the weekend. Even with a slight drop to its current price of $6.88, AXS is still up by 35% over the past month.
Another token related to the Axie Infinity game, Smooth Love Potion (SLP), is down by 9% over the past week. However, it’s worth noting that it’s up by 17% from 30 days ago.
Factors Fueling the Growth
Several factors are contributing to the rise of these gaming tokens. For Axie Infinity, recent developments by its developer, Sky Mavis, have played a significant role. The company has made several announcements, including the reintroduction of the original Axie Infinity monster battling experience, termed ‘Axie Classic’, and the launch of the first wave of official Axie merchandise.
Another driving force behind Axie’s recent surge is the growing momentum around Ronin, its Ethereum sidechain network designed for blockchain gaming. The recent launch of the new game Pixels has spurred the adoption of Ronin, with the RON token experiencing a 27% increase over the past week.
Other Noteworthy Performers
Other gaming tokens are also making their mark. ApeCoin (APE), for example, rose by 7% over the past week, peaking at $1.77 over the weekend. This is the highest price seen in over three months for this Ethereum token, which is tied to the Bored Ape Yacht Club NFT ecosystem and will power the upcoming Otherside metaverse game.
Furthermore, Illuvium continued its recent climb with a 9% increase to around $114, while the Treasure (MAGIC) gaming ecosystem token jumped nearly 24% to $0.83 after announcing plans to launch its own chain.
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