Crypto gaming tokens surge as Bitcoin's bullish momentum spreads

Crypto gaming tokens have surged over the past week as Bitcoin’s bullish wave has opened up opportunities for the entire cryptocurrency market.
This past week, Immutable X (IMX) prices reached a two-year high, while the Heroes of Mavia (MAVIA) token has more than quadrupled since its listing on February 6.
Other tokens in the gaming industry, such as BEAM, also saw solid gains last week, while emerging presales for projects with gaming features, including Meme Kombat and Sponge V2, also flourished.
MAVIA, IMX, and BEAM lead the crypto gaming market
IMX, the token for Ethereum gaming scaling network Immutable X, managed to break through the $3 barrier late Sunday. As of 6:40 a.m. ET, it has since pulled back to $2.89, but is still up more than 301tpt3t in the past week.
According to CoinMarketCap, the $3 threshold is the highest price IMX has reached since February 2022. After last week’s rally, IMX also managed to enter the list of top 25 cryptocurrencies by market capitalization. Currently ranked 22nd, IMX has a market capitalization of $3.92 billion, making it the token with the highest market capitalization in the crypto gaming market.
Although the market cap is much lower at around $241 million, MAVIA, the token of the recently listed strategy game Heroes of Mavia, is the best performing gaming token in the past seven days, up 1,53%. It has gained 5% in the past 24 hours, giving back its previous sharp gains. Its price has more than quadrupled from $1.83 on February 6 to $8.06.
BEAM was the second best performing gaming token over the past week, with its price increasing by nearly 66% and hitting a new all-time high on February 13.
Web3 game tokens surge!
Web3 gaming tokens gained an average of 13% over the past week.
The best performing #GameFi projects in February:
$IMX: The price soared to a 2-year high of over $2.92, a huge increase of 29% in just one week!
Other GameFi tokens that have performed well include…
pic.twitter.com/iYcDoDvniF
— Sumit Kapoor (@moneygurusumit)
February 13, 2024
Cryptocurrency ICOs with gaming features were also driven by bullish sentiment.
Investors are rushing to grab the Meme Kombat presale, which has raised more than $8.6 million in the past few days.
On the other hand, Sponge V2 migrated to the highly scalable and efficient Polygon network on February 6 in preparation for early listing, which caused extreme panic among investors. This project is the successor of $SPONGE and has now locked and bridged tokens worth more than $9.1 million.
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