- GameFi market cap rises 8.8% to $24.1B, led by SAND’s 25.71% surge amid Bitcoin’s dip.
- GameFi token results see MANA and WEMIX gains, while AXS drops after Sky Mavis layoffs.
- GameFi’s $13.67B trading volume signals strong activity despite the market slump.
The gaming cryptocurrency sector is showing signs of momentum, with The Sandbox (SAND) leading the rally among major GameFi tokens. This surge comes amidst the overall crypto market correction which saw Bitcoin fall below the $98,000 level and Ethereum below $3,500. The overall GameFi market capitalization has reached $24.1 billion, marking an 8.8% increase in the last 24 hours, according to CoinGecko data.
SAND has emerged as the standout performer, surging 25.71% with a trading volume of $6.48 billion and a market cap of $1.84 billion. The token’s strong performance has placed it second among gaming tokens by market capitalization, as per the data from SoSoValue.
Following SAND’s impressive gains, other gaming tokens showed mixed results. Decentraland’s MANA increased by 2.20%, trading at $0.6832 with a market cap of $1.28 billion. WEMIX continued the positive trend with a 3.60% gain, while XAI posted a modest 0.96% increase.
Top Token Unlocks of This Week: OP, EIGEN, FET, ADA, & MoreAxie Infinity’s momentum was dampened by news from Sky Mavis, the web3 gaming firm behind the platform, which announced laying off 21% of its workforce last week. Despite company CEO Trung Nguyen’s assurance that the layoffs were not related to financial health, AXS declined 2.2% to $8, though maintaining a market cap of $1.24 billion.
The gaming sector has recorded a substantial 24-hour trading volume of $13.67 billion, indicating strong market activity. ImmutableX (IMX) traded at $1,735 at press time with a $276.63M 24-hour volume, while GALA maintained steady trading at $0.03736 with a $907.98M volume.
Other major gaming platforms showed varied performance, with Beam (BEAM) trading at $0.0236 and Ronin (RON) at $1.751 with a $633.39M market cap. Virtuals Protocol (VIRTUAL) settled at $0.57222, contributing to the sector’s diverse performance metrics.
The surge in gaming tokens reflects growing investor confidence in GameFi platforms. Amidst the lot, The Sandbox’s performance stood out. However, the global crypto market cap has slumped by over 0.5% in the last 24 hours.
