The broader cryptocurrency sector entered the year 2023 with an optimistic outlook, and crypto gaming tokens were no exception to this trend. Coming as major gaming news, cryptocurrencies related to the gaming genre have seen an average price increase of over 100 percent in the month of January.
Growth Of Gaming Tokens
Cryptocurrency analytics platform Delphi Digital recently released its January Gaming Roundup report, and one of the highlights of the research is that the total price gains of the top 10 gaming tokens by market size over the past month were 102%.
The report claimed that:
Many of the top gaming tokens have experienced triple-digit growth over the past 30 days, and gaming-related funding is up from December.
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In addition, the report suggested that by January 25, the prices of all the top 10 gaming tokens, ranked by market cap, had increased by at least 50%, with some even seeing growth of up to 200% from where they were. at the beginning of the month.
The top 10 gaming tokens had an average price increase of 102% in January. 🎮📈 pic.twitter.com/D6gf0Gqloe
— Delphi Digital (@Delphi_Digital) February 8, 2023
Rising price movements
Of the coins mentioned in the report, Apecoin, Axie Infinity, Sandbox, and Gala are among the few that have registered the biggest price increases in recent times. Other coins include Enjin, ImmutableX, Magic, Wax and the Move-to-Earn (M2E) platform Stepn. ApeCoin (APE) saw gains of nearly 58% last month, but these gains have slowed and even reversed over the past week. Despite this, APE is still up 46.26% YTD and is trading at $5.65 at the time of writing.
In the meantime, the state of Axie Infinity (AXS) has remained essentially the same since Jan. 25, when it registered a price gain of 85.16% YTD, according to CoinGape’s crypto market tracker. The altcoin is currently trading at the price of $11.51, up 82.11% since the start of the year. On the other hand, SAND, the native token of The Sandbox metaverse game, recently experienced a huge price hike when it was announced that the company had signed a pact with Saudi Arabia for the development of metaverse initiatives.
Overall, the top 10 cryptocurrency gaming tokens by market capitalization, as tracked by Delphi Digital’s report, have continued to build on their January gains, with the majority of them posting much more impressive results during the first week of February; when their collective average price increased by 116.46%. Despite the fact that this comes as a piece of bullish gaming news for associated cryptocurrencies, the crypto market has shown that the trend changes quite often than expected.
Also Read: Bitcoin Price Blinks Buy Signal; Is this the best time to buy BTC?
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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