Gaming Tokens Crash Hard as Bitcoin Falls Ahead of Halving

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Gaming Tokens Crash Hard as Bitcoin Falls Ahead of Halving
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The crypto markets have been bleeding red in recent days, a stumble ahead of the Bitcoin halving currently expected on late Friday—but gaming tokens have taken some of the hardest hits, with some notable tokens down by more than 30% and hitting all-time low prices.

The price of BTC is down by over 12% this week, falling to around $61,500 as of this writing after being above $71,000 earlier this week. And Ethereum has fallen by almost 15% over the last week, currently at just $3,000.

Many major tokens have marked even more substantial drops this week, with Solana plunging by 22% and Avalanche down 28% during the past seven days. But some gaming tokens are doing even worse over that span, according to data from CoinGecko.

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GALA, the token of the Gala Games ecosystem, is having an even harder week thanks to a 32% plunge to a current price of about $0.04. Immutable (IMX), the most valuable gaming token with a $2.7 billion market cap, is faring slightly better at a 27% drop to $1.89. But the Ethereum scaling network’s token has fallen by nearly 50% in just over a month.

Gaming tokens launched this year are among the most battered of the bunch, with Pixels (PIXEL) down 39% in the last week alone to a current price of about $0.40, the Xai (XAI) gaming network’s token down 34% to $0.68, and Portal (PORTAL) plunging 34% over the past seven days to $0.99. Pixel and Portal tokens both hit all-time lows on Saturday.

But some prominent longtime tokens aren’t doing much better this week. Axie Infinity (AXS) and ApeCoin (APE) are both down 27% this week, The Sandbox (SAND) has dipped by 28%, and Illuvium (ILV) has dropped by 29%.

There is one rare exception: the GOG token of Guild of Guardians, a mobile fantasy game from Immutable that’s finally releasing in May after years of public development, is up 69% on the week to a current price above $0.29.

Last week, Immutable announced a crossover event with card-battler Gods Unchained, which will launch a Guild of Guardians-themed expansion.

Edited by Ryan Ozawa.

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