Gaming Crypto Tokens Surge: Illuvium, Axie Infinity, And ApeCoin Among Top Market Gainers
Portfolio Pulse from Khyathi Dalal
Cryptocurrency tokens linked to Web3 gaming projects, including Axie Infinity (AXS), ApeCoin (APE), and Illuvium (ILV), have seen significant gains in the past week. AXS rallied by 20%, APE by 19%, and ILV by 23%, with all three ranking among the top 100 cryptocurrencies by market cap. Decentraland (MANA) and The Sandbox (SAND) also reported gains of 12% and 9%, respectively. Developments such as Axie Infinity's relaunch of 'Axie Classic', the potential use of APE in the Otherside metaverse game, and Illuvium's Beta 3 release contributed to the surge. The Sandbox's partnership with CoinDCX for BharatBox, a cultural metaverse hub, was also highlighted. The Blockchain Gaming Market study predicts the market will grow at a CAGR of 60.4% to $772.7 billion by 2032, driven by NFTs and digital ownership.
November 29, 2023 | 4:24 pm
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POSITIVE IMPACT
ApeCoin (APE) experienced a 19% gain, potentially due to its association with the upcoming Otherside metaverse game.
The anticipation of APE being used as the in-game currency for the Otherside metaverse game could be driving investor interest and the token's price.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
Axie Infinity (AXS) saw a 20% increase in value over the past week, likely influenced by the relaunch of 'Axie Classic' and the release of official merchandise.
The positive performance of AXS is directly related to the recent relaunch of the original game and merchandise release, which can attract more users and investors.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Illuvium (ILV) surged by 23% following the live release of its Beta 3 to test and improve gameplay.
The launch of Illuvium's Beta 3 is a significant development milestone, likely contributing to the token's price surge as it indicates progress and potential for future growth.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Decentraland (MANA) reported a 12% gain, which may be influenced by general market trends in gaming cryptocurrencies.
While not directly mentioned in relation to specific developments, MANA's gain is likely part of the broader positive trend in the gaming cryptocurrency market.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Sandbox (SAND) saw a 9% increase, possibly boosted by its partnership with CoinDCX for BharatBox, a cultural metaverse hub.
The Sandbox's partnership with CoinDCX for the BharatBox project could be a contributing factor to SAND's price increase, as it represents expansion and collaboration in the metaverse space.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80