Blockchain games accounted for half of all activity from decentralized apps in January 2023. A new report from DappRadar reveals that the start of 2023 will be bullish for gaming coins like Axie Infinity (AXS), ApeCoin (APE), The Sandbox (SAND) and Floki Inu (FLOKI).
Crypto game coins offer ‘buy bottom’ opportunity
Blockchain games have gained mainstream popularity since the beginning of 2023, as you follow on Kriptokoin.com. DeFi intelligence platform DappRadar released a report outlining the increase in on-chain gaming activity on February 21, 2023. The number of Daily Users in Blockchain games rose to 858,621, accounting for 48% of January’s Dapp activity.
Unique Active Wallets in the IndustryTop gaming coins market cap increased by an average of 122% and GALA took the lead with a market cap of $384 million. Trading volume of gaming tokens like AXS increased by 71%.
What drives the increase in AXS, APE, SAND and FLOKI?
Axie Infinity (AXS) price has increased from $6.04 to $10.43 since the beginning of January 2023. The rise in popularity of AXS has resulted from the introduction of a new concept called ‘Eras’. Season two of the game introduced players to the ‘Final Era’ and AXS holders were on the rise in response to the update.
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The AXS price has gained 72% since the beginning of the year and the pressure in the blockchain games has acted as a catalyst for the token. AXS nosedive from its local high of $13.66 on January 23, since then the gaming token has started a short-term downtrend. AXS offered traders the opportunity to ‘buy at the bottom’ as the game narrative evaporated. Metaverse gaming coins ApeCoin and SAND gave their holders roughly 5% earnings last week. APE and SAND have room to climb higher after the recent correction in the prices of Blockchain gaming coins.
Other bullish catalysts are the hype surrounding the Yuga Labs ecosystem and the rise in popularity of ApeCoin due to new partnerships for Sandbox in Saudi Arabia. All in all, the increase in top gaming coins is a very positive sign for the industry. The hype surrounding blockchain games and metaverse projects increased in 2023, giving traders the opportunity to buy dips.
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