What happens to gaming tokens when Bitcoin pumps?
With Bitcoin hitting new all-time-highs in the wake of the US presidential election, the situation for gaming tokens is more complex.
Although nowhere near the 2024 trajectory of major crypto tokens such as Bitcoin, which is up 103% year-to-date, and Ethereum, up 44%, the web3 gaming sentiment is starting to change, albeit slowly.
Firstly, looking at a handful of more familiar projects, over the past week
- Guild of Guardians’ GOG is up 77%,
- MetalCore’s MCG is up 65%,
- Blocklords’ LRDS is up 54%, and
- Parallel’s PRIME is up 49%.
Indeed, tracking prices since the start of Q4 2024, some tokens, including APE, SUPER, BIGTIME and PIXEL, are all up by more than 25%.
However, at the same time, other gaming tokens such as IMX, RON, SAGA, PRIME, and ZENT are still down significantly.
Despite some notable upward figures however, it’s worth looking at the general year-to-date performance of top gaming tokens for 2024.
This shows only four projects in green, including BEAM, KAIA, YGG, and SUPER. As for the SUPER, it’s KOL Elliotrade’s gaming memecoin, which growth is only suggested to come from the fact it’s being shilled by YouTube influencers MrBeast and KSI.
As has been the case in the past, when major general-purpose tokens pump, gaming tokens tend to follow. Starting in 2023 and carrying over to 2024, this has not been the pattern however. Most gaming tokens have faced strong headwinds during most of the year.
Now with a change in the American political landscape, and particularly with SEC’s Gary Gensler’s aggressive anti-crypto agenda predicted to come to an end, that could all change. Indeed, US-based blockchain projects seem likely to accelerate in a much faster manner than we’ve previously seen.
