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Bitcoin and Ethereum are cooling, but gaming token prices are dropping sharply
Like the price of the main cryptocurrency Bitcoin it cools down, gaming tokens are among the hardest-hit tokens in the past week, with the token of one of the biggest games falling by 40% during the interval.
After a substantially strong first half of the year for cryptocurrencies, Bitcoin fell nearly 6% over the past week to $66,830, while Ethereum fell 10% to $3,460 as investors bide their time Ethereum ETF to start trading in the United States
But while the cryptocurrency market bleeds, the gaming segment has suffered some of the worst losses. Gaming tokens tend to be highly volatile, for example meme coins, partly due to the fact that the crypto gaming market is still relatively nascent. And this week, the biggest tokens tied to game projects are getting some of the biggest hits ever.
The most affected among the major gaming tokens is Guild of Guardians (GOG), plummeting 40% to $0.105, with Parallel’s FIRST The token lagged far behind with a 36% decline to just under $11.
Guardians Guild Launch Ethereum scaled network zkEVM immutable in May, earning a positive review from GG by Decrypt after signing up over 1 million potential players ahead of the wider release. But since the game involves throwing a new Guardianfailed to hold back the market pressure as its token fell.
PRIME’s drop comes in between Parallel launches on the Epic Games Storea move that puts the NFTs card battle game in front of a monthly audience of 75 million active users. Once again, despite this seemingly positive move for the game, it was still one of the hardest hit gaming tokens this week.
Other big losers include the Ethereum layer-3 gaming network Xai (XAI), down 30% to around $0.63 during the launch of its Vanguard: Genesis campaign. This initiative will see several new games launched on the network in the coming months, as well as new prizes up for grabs for both players and builders.
After a successful launch campaign earlier this year, Portal (PORTAL) is down 30% this week, while the Clash of Clans-style mobile game Heroes of Mavia (MAVIA) fell 29%. Important clicker game based on Telegram Not money (NOT) fell 19% not long after reaching 40 million players.
Most gaming tokens among the top 100 overall cryptocurrencies by market capitalization have seen similarly large declines, including Gala Games (GALA) with a decline of 25%, Beam (BEAM) down 20% and Unchangeable (IMX) down nearly 19% over the past seven days.
In fact, the gaming market has been hit so hard that only six of the top 100 GameFi tokens, ranked by CoinGecko, have been in green for the last week. In particular, the real-time strategy game Apeiron (APRS) rose 5% while its eSports championship rages.
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