Crypto Gaming Tokens Soar As Bitcoin’s Bullish Momentum Flows Over

Updated: 13 February 2024

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Crypto gaming tokens surged during the past week as Bitcoin’s bullish wave opened up opportunities for the broader crypto market.

The Immutable X (IMX) price reached a two-year high on Sunday while the Heroes of Mavia (MAVIA) price has more than quadrupled since the altcoin’s Feb. 6 debut.

Other altcoins in the gaming sector, such as BEAM, also managed substantial gains last week, while up-and-coming presale projects with gaming features that include Meme Kombat and Sponge V2 have also flourished.

MAVIA, IMX, BEAM Lead The Crypto Gaming Pack

IMX, the token of the gaming Ethereum scaling network Immutable X, was able to break above the $3 mark late Sunday. It has since retraced to trade at $2.89 as of 6:40 am EST, but still remains up more than 30% over the past week.

The $3 threshold marks the highest price that IMX has been able to reach since February 2022, according to data from CoinMarketCap. Following its rally last week, IMX was also able to claim a position in the top 25 list of cryptos with the biggest market cap. Currently ranked at number 22, IMX has a market cap of $3.92 billion and is the highest ranked gaming token in the crypto market.

While it has a much lower market cap of around $241 million, the token for the recently launched strategy game Heroes of Mavia, MAVIA, was the top performing gaming crypto in the past seven days with a surge of 153%. It’s up 5% in 24 hours after paring substantial earlier gains. It’s price has more than quadrupled from $1.83 on Feb. 6 to $8.06.

BEAM is the second best-performing gaming crypto over the past week, as it saw its price surge almost 66% to set a new all-time high price on Feb. 13.

Web3 Gaming Tokens on the Rise! 🚀

Web3 gaming tokens have seen an average rise of 13% over the past week.

The top performing #GameFi projects in February: $IMX: Shot up to a new 2 year high above $2.92, gaining a huge 29% in just one week!

Other GameFi tokens that saw a… pic.twitter.com/iYcDoDvniF

— Sumit Kapoor (@moneygurusumit) February 13, 2024

Crypto ICOs With Gaming Features Also Rode Bullish Sentiment

Some crypto gaming ICOs are also riding the buoyant market. Investors are rushing to get in on the ground floor stage of a presale by Meme Kombat, with funds raised blasting past $8.6 million in the past few days.

Sponge V2, on the other hand, migrated to the highly-scalable and efficient Polygon network on Feb. 6 as it prepares for an early listing that is causing much FOMO among investors. This project, a successor to $SPONGE, has now staked and bridged tokens worth more than $9.1 million.