As a seasoned crypto investor with a knack for spotting trends and a penchant for gaming, I must admit that the recent performance of GameFi tokens has piqued my interest. The meteoric rise of Mines of Dalarnia (DAR) and Alien Worlds (TLM) is nothing short of impressive, especially considering their respective market caps and volumes.
On Sunday, GameFi tokens stood out with impressive performance, while Bitcoin regained a significant milestone by reclaiming the $60,000 resistance level for the first time since August 14.
The surge in Bitcoin’s (BTC) value sparked a positive trend across the cryptocurrency sector, leading to an overall increase of 0.8% in the combined worth of all digital coins, now standing at approximately $2.2 trillion.
A closer look at the top gainers showed that gaming tokens were the best-performing coins on Aug. 18. Mines of Dalarnia (DAR) token formed a god candle as it jumped to a high of $0.218 — 115% above its lowest level this month. Its surge brought its market cap to over $120 million.
The event took place in a bustling setting, as indicated by data from CoinMarketCap, which showed a staggering 3,740% increase in 24-hour volume to over $398 million. Notably, Bitrue and Binance accounted for most of this surge in volume. Additionally, the Mines of Dalarnia token was among the most popular topics on StockTwits.
Simultaneously, the value of Alien Worlds’ (TLM) gaming token increased by an impressive 70%, reaching $0.014. This new valuation exceeds $62 million. Since hitting its monthly low, it has experienced a staggering rise of over 120%.
For the second day in a row, the price of Gala (GALA) tokens climbed to their peak since August 4, hitting a new high. Meanwhile, Ronin (RON) experienced an increase of more than 5%, reaching $1.63.
As reported by CoinGecko, the combined trading volume of all GameFi tokens surged past $2 billion in a 24-hour period, and their total market capitalization soared to approximately $13 billion.
GameFi challenges remain
Even though there was an increase over the weekend, many gaming tokens are experiencing a significant decline from their record peak due to decreasing interest in the sector.
Initially, Axie Infinity boasted a market capitalization surpassing $9 billion; however, its value has since plummeted to only $715 million. Similarly, other digital assets such as Decentraland, The Sandbox, and Gala have experienced significant losses in market valuation over the past few years.
A key concern among users is the volatility of the reward tokens. For example, Smooth Love Potion (SLP), which is used to reward Axie Infinity players, has dropped from $0.3335 in 2021 to $0.029, a 99% drop.
Users are flocking to mini apps on Telegram like Hamster Kombat, Notcoin, and TapSwap, earning by tapping, causing significant disruption within the industry as they amass millions.
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2024-08-18 18:48