As Bitcoin experiences a significant drop, the ripple effect is felt throughout the entire cryptocurrency market. In the past 24 hours, Bitcoin, the largest cryptocurrency by market cap, has fallen approximately 7% in what is being referred to as a "flash crash." This sudden decline has had an impact on various gaming-related tokens, causing them to drop anywhere from 5% to 15%.
According to CoinGecko data, Immutable's IMX token has seen a decrease of roughly 9% in the past day. Similarly, The Sandbox's SAND token has dropped about 12%, Axie's AXS token has experienced a decline of 10%, and the GALA token has plunged approximately 13%. Merit Circle's new BEAM token is down by approximately 9.5%, and ApeCoin has fallen by 13%.
In addition to these tokens, several other gaming tokens have also seen a decline in the past day. Tokens like "move to earn" and game Stepn's GMT token, Enjin Coin, Parallel's PRIME token, and WAX have all been affected. Furthermore, all of the aforementioned cryptocurrencies have experienced an overall decrease in the past week, with many of the losses worsening after Bitcoin's flash crash early Wednesday morning.
The impact of Bitcoin's decline is evident, as over $550 million in crypto long positions were liquidated in the crash, according to CoinGlass data. However, amidst the negative trend, a few tokens have managed to make gains. Axie's Smooth Love Potion (SLP) and Yield Guild Games (YGG) tokens are up about 4% and 11%, respectively, and do not seem to have been significantly impacted by Bitcoin's tumble on Wednesday. Oasys is also up about 6.3% in the past day, making it one of the few tokens that have escaped the negative effects of the flash crash.
While some gaming tokens may be lagging today, it is not all doom and gloom for them. Last month, IMX reached a 20-month high at $2.35, reaching prices not seen since the late bull market of April 2022. GALA also experienced gains of 18% last month, although its price has already dropped back down to around $0.027 seen in mid-December. It is important to note that crypto gaming token prices will continue to fluctuate, but there is also a wave of new tokens on the horizon.
The Ronin-based Pixels game has confirmed that it will release a PIXEL token, while the team behind the PORTAL token is plotting its vision as a "universal" gaming token. Additionally, MixM has plans to launch its own token. These new tokens are expected to bring further diversity and opportunities within the crypto gaming market.
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