Over the past weekend, the crypto market witnessed a significant surge in the value of tokens associated with video games and gaming chains, coinciding with Bitcoin briefly touching the $70,000 mark once again. Notably, the GALA token within the Gala ecosystem experienced a remarkable 42% increase in value over the last 24 hours, reaching nearly $0.08 at present.
Gaming tokens experience weekend surge
This surge represents a staggering 77% rise over the week and an impressive 230% increase over the past month, propelling GALA into the top 50 cryptocurrencies by market capitalization. While the exact catalyst behind this sudden surge remains unclear, Gala has been actively involved in recent developments, including the launch of its GalaSwap decentralized exchange (DEX) on the GalaChain network and its sponsorship of a $1 million hackathon at the Game Developers Conference.
Long-term holders have eagerly awaited such a breakout, contributing to the momentum. Despite this surge, GALA still lingers over 90% below its all-time high price of $0.82 recorded in November 2021. In tandem with GALA’s rise, other gaming-related tokens also experienced significant gains. The PIXEL token, associated with the crypto farming game Pixels and its underlying network Ethereumscaler Ronin, soared to a new all-time high above $0.94 before settling at $0.88, marking a remarkable 63% increase over the week.
This surge coincided with a surge in daily active users, surpassing 500,000, indicating a growing interest in the game. Additionally, Ronin network’s RON token reached a more than two-year high price of $4.05, though it slightly retreated to $3.70, still reflecting a 24% increase over the past week. Yield Guild Games’ YGG token, announced as the game’s guilds infrastructure partner, also saw a 64% surge in value.
Another notable token that experienced a surge to a new all-time high was PRIME, the token associated with the NFT card battler game Parallel. PRIME peaked at $19.78 before settling, reflecting a remarkable 132% increase over the past 30 days. This surge followed the game’s beta opening to all players and a promotional giveaway by major crypto exchange Coinbase.
GALA leads the GameFi weekend rally
Similarly, the BEAM token of the Beam gaming network reached an all-time high of $0.044, while Immutable’s IMX token spiked to a two-year high of $3.62. Within the GameFi ecosystem, various tokens demonstrated substantial gains, often surpassing those of Bitcoin, the leading cryptocurrency.
Axie Infinity’s AXS governance token rose by 75% over the past 30 days, reaching a current price of $13, while Iluvium’s ILV token spiked to $155, its highest value since June 2022. Across CoinGecko’s list of GameFi tokens, significant gains were evident, underlining the growing prominence of gaming-related cryptocurrencies within the broader crypto market.
While gaming tokens experienced a surge, Bitcoin itself continued its upward trajectory, briefly surpassing $70,000 before settling just below $69,500 at the time of writing. This marks an 11% increase over the past week, reaffirming Bitcoin’s dominance within the crypto space despite the remarkable gains observed in gaming-related tokens.
The weekend’s surge in gaming and metaverse coins highlights the growing intersection between cryptocurrencies and the gaming industry. As blockchain technology continues to permeate various sectors, including gaming, investors and enthusiasts alike are increasingly turning their attention to tokens associated with virtual worlds and gaming ecosystems. While the exact triggers behind these surges may vary, the broader trend underscores the evolving landscape of digital assets and the diverse opportunities they present within the rapidly evolving crypto market.
