The broader cryptocurrency sector began the year 2023 with an optimistic outlook, and crypto gaming tokens have not been an exception to this trend. What comes as significant gaming news, cryptocurrencies pertaining to the gaming genre have witnessed an average price gain of more than 100 percent in the month of January.
Growth Of Gaming Tokens
The cryptocurrency analytics platform Delphi Digital released its January Gaming Roundup report recently, and one of the highlights of the research is that the total price gains of the top 10 gaming tokens by market size during the previous month have amounted to 102%.
The report claimed that:
Many of the top gaming tokens have seen triple-digit growth over the past 30 days and gaming-related funding is up compared to December.
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Furthermore, the report suggested that by the 25th of January, the prices of all of the top 10 gaming tokens ranked by market cap had climbed by at least 50%, with some even witnessing a growth of up to 200% compared to where they were at the beginning of the month.
The top 10 gaming tokens had a 102% average price increase in January. 🎮📈 pic.twitter.com/D6gf0Gqloe
— Delphi Digital (@Delphi_Digital) February 8, 2023
Bullish Price Movements
Among the coins mentioned in the report, Apecoin, Axie Infinity, Sandbox and Gala are among the few which have recorded the largest 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, trading at $5.65 at the time of this writing.
In the meantime, Axie Infinity’s (AXS) condition has remained basically the same since January 25, when it registered an 85.16% YTD price gain, according to CoinGape’s crypto market tracker. The altcoin is currently trading at the price of $11.51, recording a growth of 82.11% year-to-date. On the other hand, SAND, the native token of The Sandbox metaverse game, recently experienced a massive price surge when it was announced that the firm had signed a pact with Saudi Arabia for the development of metaverse initiatives.
Overall, the top 10 cryptocurrency gaming tokens by market cap as tracked by Delphi Digital’s report have continued to build on their January gains, with the majority of them recording much more impressive results during the first week of February; when their collective average price increased by 116.46%. In spite of the fact that this comes as a piece of bullish gaming news for associated cryptocurrencies, the crypto market has shown to change its trend quite often than expected.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/are-gaming-news-tokens-the-next-wave-of/