Bitcoin’s Dip Plummeted Gaming Tokens IMX, SAND, and AXS by 8-15%

Bitcoin’s price drop on January 3 stirred the crypto world. From investors to organizations and gaming tokens, Bitcoin influenced every crypto field with its reversal. However, a major influence of the action is marked on the gaming token’s performance, including IMX, SAND, and AXS.   

What Actually Happened? 

Bitcoin took a dramatic turn of events at the very beginning of 2024. With a fantastic start to the new year, the crypto giant underwent a flash crash. On January 3, Bitcoin’s market cap fell to over 7% in a single day. 

It was not the end; the move also influenced the other tokens streaming in the crypto world, mainly the gaming tokens. The gaming-related token landscape, holding tokens such as IMX, SAND, GALA, and AXS also shows a downturn pattern, dropping by 8 to 15% in 24 hours time span.   

As per CoinGecko data, Immutable’s IMX token is down over 9% in 24 hours. In the 24-hour window, the token recorded a high of $2.32 and a low of  $1.98. Another token that was highly influenced by the Bitcoin dip is The Sandbox’s SAND token, which dropped about 12%. Within 24 hours, the token hit a high of $0.599131 and a low of $0.503926. 

Going with the flow, Axie Infinity’s AXS token dropped over 10% and the GALA token plummeted around 13%.  

Apart from this, many other gaming tokens like BEAM, ApeCoin, WAX, GMT, PRIME, etc. However, the cryptocurrency market was facing a downturn in the past week, the Bitcoin flash crash worked as fuel to the trend.               

According to the CoinGlass data, the ongoing market condition resulted in the liquidation of around $550 Million in a long position.          

Despite these declines, a few of the gaming tokens showcased an outstanding performance and recorded a surge. Yield Guild Games token (YGG), Axie Smooth Love Potion (SLP), and Oasys are some good examples to explore. SLP upsurges by 4%, YGG by 11% and Oasys witnessed a hike of over 6.3%.    

What Next? 

Although the gaming token price declined, it is expected that the prices will continue to fluctuate. The crypto industry is preparing to present more new gaming tokens that will bring a drastic change to the crypto universe. 

PIXEL, PORTAL, and MXM are some news tokens that can be seen in the upcoming months. All these tokens are well prepared to enter the crypto universe. 

Talking about Bitcoin, a few analysts, mainly from Matrixport predicted that the BTC price will rise in the upcoming days. The main reason could be the US election year and Bitcoin halving.       

Disclaimer 

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.