Gaming Tokens Are Riding the Bullish Bitcoin Wave

Gaming tokens are rising again Monday as Bitcoin hits $50,000 for the first time since 2021, putting an exclamation mark on a lively last week that saw Immutable (IMX) mark a two-year high price and the MAVIA token from Heroes of Mavia more than quadruple in price.

Immutable, the token of the gaming-centric Ethereum scaling networks Immutable X and Immutable zkEVM, popped above a price of $3 late Sunday and has remained around that range, currently sitting at $3.09.

That’s the highest price that IMX has marked since February 2022, according to data from CoinGecko, and the current price represents a 37% jump over the last seven days. It also pushed Immutable into the top 25 overall cryptocurrencies by market cap, making it the only gaming coin to sit in that elite company.

In December, investment firm VanEck projected that IMX would rise to become a top 25 coin by market cap in 2024. At the time, it was ranked 31st on CoinGecko at a price of around $2 per token. At its current price, IMX has a market cap of nearly $4 billion.

Another huge gainer of late is BEAM, the token of the Beam gaming ecosystem from the Merit Circle DAO. BEAM is up a whopping 70% over the past week, and set a new all-time high price early Monday. It’s currently priced above $0.029 and ranked 58th overall by market cap.

While it has a much smaller market cap so far, the MAVIA token for recently launched strategy game Heroes of Mavia has seen a massive spike in value since debuting last week. The Ethereum token jumped to an all-time high of $9.25 on Sunday, and at a current price of $8.27, it has more than quadrupled in price since debuting at $1.83 on February 6.

The Clash of Clans-like mobile game debuted in late January and has reportedly racked up more than a million downloads to date across iOS and Android. Heroes of Mavia held an airdrop last week and awarded MAVIA to 100,000 early players who connected their account to the game’s website, along with NFT land owners who participated in earlier promotions.

Gaming tokens are broadly up across the board over the last week, with Axie Infinity’s AXS token up 13% to $7.88, The Sandbox’s SAND token rising 12% to $0.48, and Gala Games’ GALA token popping 13% to a price above $0.02. Illuvium’s ILV token is another big winner, spiking 35% over the past week to a price of about $96.40.

The one notable exception is RON, the token of Ethereum gaming network Ronin, which has fallen by nearly 4% over the past week after rising above $3 last week for the first time in two years. RON dropped sharply after being listed on Binance, falling as low as $2.39 over the past week, but has gradually regained ground in recent days.