FLOKI Soars 212%, Will It Displace Shiba Inu?

Bittime - This weekend, the value of the leading crypto token tied to video games and gaming networks soared sharply.

Some tokens reached all-time high prices, while others rose to their highest point in years. This rise coincided with Bitcoin returning to $70,000 for a brief period.

Of the soaring game tokens, the GALA token from the Gala ecosystem was the biggest winner. Its price jumped 42% in just the last 24 hours to nearly $0.08 according to data from CoinGecko.

GALA almost touched $0.085 on Sunday and is now up 77% in the week and 230% in the past month.

GALA Price Increase Factors

There is no single clear trigger to explain the sudden rise in GALA prices. However, the Gala development team has been active recently and long-term holders of the token have been waiting for a price breakthrough for a long time.

Recently, Gala launched decentralized exchange (DEX) GalaSwap on their own layer-1 network, GalaChain. They're also sponsoring a $1 million hackathon at the Game Developers Conference this month.

This weekend's surge pushed GALA into the top 50 cryptos by market capitalization, according to CoinGecko. However, the price is still more than 90% below its all-time high of $0.82 set in November 2021.

In addition to GALA, the up-and-coming crypto farming game Pixels and the network that runs it, Ethereum scaler Ronin , both saw big gains this weekend.

The PIXEL token surged to an all-time high above $0.94 early this morning, just weeks after its launch. It is currently at $0.88, up 63% in a week.

Check Today's Crypto Market:

Increased Interest in Game Tokens

PIXEL's surge comes amid data showing increased interest in the game, with the number of new daily active users surpassing 500,000. Meanwhile, the RON token of the Ronin network hit $4.05 early this morning, marking its highest price in more than two years.

RON almost crossed its all-time high price of $4.29 from January 2022, but its price later fell to the current $3.70.

However, the price still rose 24% over the past week. Another token rising in the Pixels circle is Yield Guild Games' YGG token, which rose 64% this week after being announced as a guild infrastructure partner for the game.

Another gaming token that surged to an all-time high price early this morning was PRIME, the token of the NFT card battle game, Parallel.

PRIME peaked at $19.78 on Sunday and is up 132% over the past 30 days. This latest increase comes after Parallel opened in beta to all players, and after major crypto exchange Coinbase announced a token giveaway program to attract new users.

Also Read: Ethereum ETF Coming Soon? Blackrock Prepares Accurate Strategy by Recruiting Matt Kunke

BEAM Natural ATH

The Beam gaming network's BEAM token also set an all-time high of $0.044 early Sunday. And Immutable's IMX — the largest gaming token by market cap — surged to a two-year high of $3.62 on Saturday.

Axie Infinity's AXS governance token is up 75% over the past 30 days at a current price of $13, while Illuvium's ILV token surged to $155 early this morning — its highest since June 2022. Looking at the GameFi token listing on CoinGecko, you'll find the price increase which is significant.

In many cases, those increases were much higher than Bitcoin, the leading cryptocurrency by market capitalization.

Bitcoin once again rose above $70,000 on Sunday after breaking through that price point for the first time on Friday. At the time of writing, it was just under $69,500, but is still up 11% over the past week.

Also Read: GameFi: Between Games and Decentralized Finance (DeFi)

GameFi Analysis and Investment

The recent rise in gaming token prices reflects growing interest in the GameFi (decentralized finance in gaming) sector. The convergence of gaming and blockchain creates unique gaming experiences and digital asset ownership opportunities for players.

However, as with any crypto investment, it is important to be careful and do your research before purchasing gaming tokens.

Not all games have a strong economic model, and some tokens may experience wild price fluctuations.

Here are some things to consider before investing in gaming tokens:

• Gameplay : Is the game fun and interesting to play?
• Development team : Who built the game? Do they have experience and a good track record?
• Economic model : How are tokens used in the game? Is there a limited token supply?
• Community : How big and active is the game's community?

In addition, investors must pay attention to overall market conditions. The recent rise in Bitcoin prices may have driven up gaming token prices, but future Bitcoin price corrections may cause gaming token prices to decline as well.

Also Read How to Buy Crypto:

Conclusion

This weekend's spike in gaming token prices is an interesting indication of the potential of the GameFi sector. However, investors must be alert and do research before investing. Portfolio diversification with other crypto assets is also important to manage risk.

How to Buy Pixels (PIXEL) on Bittime

You can buy and sell Pixels (PIXEL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Pixels (PIXEL) is available on Bittime with the market pair PIXEL/IDR . To be able to buy PIXEL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Pixels (PIXEL) on Bittime . 

Monitor price chart movements for Pixels (PIXEL) , Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

What is Kryptomon (KMON)? Entertaining GameFi Concept

What is GT Protocol (GTAI)? The Sustainable Future of GameFi

What is Fusionist (ACE)? Latest GameFi Projects on Binance Launchpool

DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.