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This weekend witnessed a remarkable surge in the value of crypto tokens associated with video games and gaming ecosystems.
While Bitcoin briefly flirted with the $70,000 mark, several tokens experienced unprecedented spikes, with some reaching all-time highs and others soaring to levels not seen in years.
Gala Token Emerges as Top Performer
The GALA token within the Gala ecosystem emerged as the standout performer in this weekend's surge. Over the past 24 hours alone, its price surged by an impressive 42%, nearing $0.08, according to CoinGecko data. It almost breached $0.085 earlier on Sunday, marking a staggering 77% increase over the week and an astonishing 230% surge over the last month.
The surge in GALA's value cannot be attributed to a single, discernible trigger. However, Gala's recent activities, including the launch of GalaSwap decentralized exchange (DEX) on the GalaChain network and sponsorship of a $1 million hackathon at the Game Developers Conference, have likely contributed to the bullish sentiment among long-term holders.
The surge propelled GALA into the top 50 cryptocurrencies by market capitalization on CoinGecko. Nonetheless, the token remains over 90% below its all-time high price of $0.82, recorded in November 2021.
Pixels and Ronin Tokens Ride the Wave
In addition to GALA, other gaming tokens experienced significant gains over the weekend. The PIXEL token, associated with the crypto farming game Pixels, surged to a new all-time high price of $0.94 overnight. Despite a slight pullback to $0.88, the token recorded a remarkable 63% increase over the week.
According to Decrypt, the surge in PIXEL's value correlates with data indicating a rise in interest in the game, with daily active users peaking at over 500,000. Meanwhile, the RON token, linked to the Ethereum scaler Ronin network, soared to $4.05 overnight, marking its highest price over two years.
A Coingape report says the recent rebound in the cryptocurrency market, highlighted by Bitcoin's surge to a record-breaking $70,000, has ignited a noticeable recovery trend across various sectors. Notably, GameFi tokens have experienced substantial interest over the weekend, presenting fresh trading opportunities for prospective investors.
Although RON came close to surpassing its all-time high of $4.29 from January 2022, it has since retraced to $3.70. Nevertheless, it reflects a notable 24% increase over the past week. Additionally, the YGG token, associated with Yield Guild Games and announced as the game's guild infrastructure partner, surged by 64% this week, further demonstrating the bullish sentiment surrounding gaming-related tokens.
Photo: Micheile Henderson/Unsplash
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