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Some analysts predict gaming crypto coins will outperform in the next bull run, as cryptocurrency grows as a narrative – but which are the best GameFi tokens to invest in now?
Given market volatility, now is the opportune time for investors to uncover gaming altcoins with significant growth potential. To answer the question above, here is a list of the top gaming altcoins worth considering for purchase, along with their unique features.
Decentraland (MANA)
Decentraland (MANA) functions as a browser-based 3D virtual world platform, allowing users to purchase virtual land plots as NFTs using $MANA cryptocurrency. In recent times, the $MANA price has been on an upward trajectory since mid-July 2023, marking higher lows and higher highs.
Despite its potential, Decentraland has encountered a recent bearish trend, with its price history standing out compared to other digital assets. This distinctive journey could be a driving factor in its popularity. At present, $MANA is valued at $0.3116, reflecting a 2.08% increase within the past 24 hours.
Its market capitalization stands at $589,858,610, accompanied by a 24-hour trading volume of $47,326,879. The circulating supply of Decentraland is 1,893,095,371 $MANA. However, over the last 7 days, the token has experienced a decline of 6.46% in price.
Various analysts have offered divergent Decentraland price predictions for 2023. While some forecast a potential rise to $0.567 throughout the year, others are more optimistic, suggesting a price as high as $0.771. However, a contrasting perspective anticipates a temporary setback, projecting a drop to $0.298 before a recovery to its all-time high.
With an impending surge in crypto adoption during the forthcoming bull cycle, Decentraland’s innovative virtual world approach and its strong community hold the potential to attract substantial attention and investment, offering early investors the possibility of significant gains.
The Sandbox (SAND)
The blockchain gaming realm has witnessed the rise of The Sandbox (SAND), a standout presence. Utilizing the strength of NFTs and virtual real estate, The Sandbox provides a platform for gamers to capitalize on their gaming experiences. Nonetheless, recent shifts in the $SAND price have not met expectations.
Presently, the $SAND token is valued at $0.327, reflecting a 0.85% increase in the past 24 hours. However, it has encountered an 8.12% decline over the past 7 days. At present, a “falling wedge” pattern has emerged within The Sandbox’s dynamics, potentially suggesting either a bullish or bearish trend based on forthcoming price movements.
Should this pattern hold true, there’s a chance that $SAND could dip to the support line at $0.285 during a bearish trend. Importantly, the falling wedge serves a dual role as a formation for bullish reversals. If the token manages to breach resistance levels, it hints at a potential ascent equivalent to the wedge’s maximum height.
Nevertheless, supporters of $SAND need to intensify their efforts to breach the upper boundary of the wedge. In recent updates from The Sandbox, an upcoming token-unlocking event is slated for August 14. This event will see the release of 332 million tokens, constituting 16% of the circulating supply.
As per cryptocurrency market sentiment and certain analyst predictions, The Sandbox (SAND) is projected to fluctuate between a minimum price of $0.503 and a maximum of $1.222 in 2023. The average price over the year is expected to hover around $0.862.
Gala (GALA)
Gala Games, symbolized by the $GALA token, have encountered a mix of positive and negative phases. The recent introduction of Gala V2 triggered both enthusiasm and frustration among its community, resulting in price and market capitalization fluctuations.
Despite these challenges, Gala Games maintains a strong presence and forges ahead with its gaming ventures. The token is currently traded at $0.019, with a 24-hour trading volume of $37,502,272 and a market cap of $460,638,964. $GALA has seen a 3.17% increase in the last 24 hours, although it remains down by 3.58% over the past 7 days.
In an announcement on August 7, 2023, the platform disclosed plans to utilize its native token, $GALA, for gas fees on the network. This strategic move adds more functionality to the cryptocurrency, sparking a 14% price surge upon the news release.
Additionally, a recent uptick in $GALA’s price was witnessed as Gala Games mystery boxes became available for purchase. Some analysts predict a 10.04% rise for $GALA over the upcoming month, potentially propelling the token’s price to $0.021 by September 2023.
Gala Games’ unwavering dedication to building a decentralized gaming ecosystem and introducing a wide variety of games positions it as a serious contender for future expansion, despite the token’s price behavior being characterized by volatility.
Conclusion
Decentralized gaming, also known as GameFi, has emerged as an intriguing application of blockchain technology with significant growth potential. Despite the well-advertised advantages of GameFi, such as enhanced control and tangible rewards, the majority of gaming still takes place on centralized platforms.
As the cryptocurrency market gears up for a potential bull cycle, gaming tokens remain a captivating avenue for those seeking substantial profits. Decentraland, The Sandbox, and Gala each present distinct strengths and obstacles. While the allure of achieving 100x growth is tempting, potential investors must practice due diligence.
Just like Alex Becker said in one of his tweets stated below, he predicts that there is a 70% chance of a gaming bull in the next 16 months.
I predict there is a 70% chance of a gaming bull in the next 16 months
The proper vegas payout for a $1k bet on this would be $700
However, the avg return on a mid tier gaming coin at these prices will be 10-20x. (10-20k)
This is disproportionate risk/return. This is the game
— Alex Becker 🍊🏆🥇 (@ZssBecker) August 1, 2023
Carefully tracking market trends and evaluating the long-term viability of each token is essential before committing to any investment decisions. It’s essential to remember that investing in cryptocurrencies carries inherent risks, and thorough research is paramount for informed decision-making.
If you want to learn more about some alternatives, kindly see our guide to the best altcoins to buy now for 2023 here.
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