Gaming Tokens Benefit From Market Bounce as Immutable X, Gala, PlayDoge Make Gains
The crypto market is rallying back after the crash with GameFi coins reaping the rewards today as Immutable X and Gala both rise by over 10%.
Capitalizing on a steady upward trend starting on the 5th of July, the GameFi space is ripe with investor interest as the daily trading volume hits $2.5 billion.
Immutable X Pumps Double Digits
The top gaming token by CoinMarketCap data– Immutable X (IMX), has grown 11.72% over the last 24 hours, becoming the 41st biggest crypto by market cap. Trading at $1.62, IMX has seen a steady growth in daily trading volume of 8.36%.
As one of the leading layer 2 GameFi solutions with over 300 games, Immutable is perfectly positioned to take advantage of the market’s growth. Part of this growth is driven from the Immutable zkEVM becoming one of the fastest-growing chains in history, going up to 2.2 million users in just 3 months.
.@immutable zkEVM, 4 months after beta launch, is one of the fastest growing chains in history.
-3K –> 2.2 million monthly active users (in 3 mos)
-220K –> 1.9 million signups to Passport walletDriven by 5 games / 350+.
Gaming will onboard the next billion users to web3. pic.twitter.com/e3v4SjJmW5
— Robbie Ferguson | Immutable (@0xferg) July 15, 2024
Immutable has been on a steady upswing the past week, growing 23.7% in total. This is just after a record-breaking month in June where Immutable partnered with TradFi gaming giant MARBLEX and massive updates to its protocol grants.
Immutable still isn’t quite out of the slump it fell into along with the rest of the market, being up only 2.3% over the past month. However, with its value doubling over the past year and more and more games launching on the platform, the future is looking bright for IMX.
Other GameFi Tokens Also Pumping
Made by the same developers as IMX, Gods Unchained (GODS) pumped 73.3% over the last 24 hours, with a massive spike in daily trading volume of 798.61% all the way to $21,341,615 total. The market pump and new card releases have revitalized the playerbase, and the token rose with it.
However, skeptics are cautious of GODS’ growth, trading at $0.3054 it’s a far cry from its all-time high of $8.80 per token. It’s possible Gods Unchained will return to a bear pattern as the Reddit community has been slowing back down, and its biggest issue remains P2W(pay-to-win) with the top decks costing hundreds of dollars.
The blockchain gaming platform Gala (GALA) has enjoyed a much more modest growth of 8.35% up to $0.02573 per token. This is largely due to the steadily growing popularity of the games on its platform, with clicker game TreasureTapper recently trending on X (Twitter.)
Whoa #TreasureTapper is trending! pic.twitter.com/lzOzkIAnkg
— Gala Games (@GoGalaGames) July 16, 2024
The platform maintains a massive X (Twitter) community with over 800,000 followers, sharing GameFi news and educating them on broad blockchain topics. Up 17.61% over the week, Gala seems poised to maintain steady growth.
Could PlayDoge be the Next Big GameFi Token?
It’s not just established gaming tokens benefiting from the market rebound – a new entry by the name of PlayDoge is also making waves.
PlayDoge (PLAY) is the native token of the titular game inspired by the Tamagotchi games from the 90’s. It merges P2E gaming with the appeal of meme coins.
PlayDoge has already raised over $5.7 million in its presale, currently selling for $0.0052 per token.
The project is launching a game that will see players take care of their virtual doges’ and enjoy a variety of mini games, all while being able to earn token rewards.
To ensure investors feel secure about their funds, PlayDoge complied with a SolidProof security audit, passing with flying colors.
The token has already piqued the interest of leading experts in the space, with the likes of 99Bitcoins expecting 50x to 100x potential.
The tokenomics behind PLAY are perfect for early investors. A massive 50% of its total 9.4 billion token supply is allocated to the presale. Another 12% is dedicated to staking, and 10% is allocated to marketing to ensure the coin stays in the spotlight.
With both GameFi and meme coins on the rise at once, PlayDoge is attempting to become a candidate to soar upon its DEX listing.
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