Gaming Tokens IMX, SAND and AXS Plunge Following Bitcoin Flash Crash

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When Bitcoin falls, the remainder of the cryptocurrency market typically falls with it. Up to now 24 hours, the biggest cryptocurrency by market cap has fallen roughly 7% in what’s being referred to as a “flash crash.” And it’s taken the crypto market on a little bit of a trip, sending gaming-related tokens down wherever from 5-15%.

Immutable’s IMX token is down roughly 9% up to now day, per CoinGecko data, with The Sandbox’s SAND token dropping about 12%, Axie’s AXS token dumping about 10%, and the GALA token plunging roughly 13%. Advantage Circle’s new BEAM token is down roughly 9.5%, and ApeCoin fell 13%.

Many different gaming tokens are down up to now day, like “move-to-earn” sport Stepn’s GMT token, Enjin Coin, Parallel’s PRIME token, and WAX.

All the aforementioned cryptocurrencies are down general up to now week, with lots of the losses worsening after Bitcoin’s flash crash early Wednesday morning.

Over $550 million in crypto lengthy positions have been liquidated within the crash, in keeping with CoinGlass data.

Whereas lots of the largest gaming tokens by market cap noticed costs dump, a number of tokens made beneficial properties.

Axie’s Easy Love Potion (SLP) and Yield Guild Video games’ YGG tokens are up about 4% and 11%, respectively, and don’t appear to have been a lot impacted by Bitcoin’s tumble on Wednesday. Oasys can be up about 6.3% up to now day, making it one other of the handful of tokens that escaped the nippiness of the flash crash.

It’s not all doom and gloom for the gaming tokens which might be lagging in the present day. Final month, IMX hit a 20-month high at $2.35, reaching costs not seen because the late bull market of April 2022. GALA additionally noticed 18% beneficial properties final month—although its worth has already dropped again right down to the roughly $0.027 seen mid-December.

Crypto gaming token costs will proceed to fluctuate—however much more new tokens are on the horizon. The Ronin-based Pixels sport has confirmed that it’ll launch a PIXEL token, the PORTAL token’s workforce is plotting its imaginative and prescient as a “universal” gaming token, and MixMob is planning a token sale for its governance token, MXM, this month.

Edited by Stacy Elliott.

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