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The cryptocurrency market has been booming lately, with gaming tokens taking center stage. In recent news, the market cap for gaming tokens skyrocketed to above $30 billion. This upward trajectory is exciting crypto enthusiasts, investors, and of course, gamers.
Crypto is becoming increasingly common in games, and the recent market cap frenzy confirms this growth. Crypto games can include play-to-earn games, blockchain-based collectible games, crypto casino games, decentralized finance (DeFi) games, crypto prediction markets games, and more. While each crypto game type incorporates crypto in some way, the gameplay style is usually different.
For example, crypto casino games allow players to buy in, wager, and withdraw funds using crypto. These sites are gaining popularity as they are accessible even in states that don’t have local, legal, licensed online casinos. For example, the casino landscape in many US states is still limited, with only a handful offering regulated online casinos. However, by using crypto, players can access many recommended sites and enjoy all the slots and table games on offer. This is also the case for players in the UK who have self-excluded from gambling: Because these sites are based and licensed outside of the UK, players can still use crypto to gamble freely.
On the other hand, play-to-earn games allow gamers to actually earn crypto or digital assets by completing levels or in-game tasks, and they are not as strictly regulated as online casinos. While each game type is different, crypto games all use digital assets in some way or another. As crypto games grow in popularity amongst gamers, their value is inching upwards. Let’s explore what exactly is behind the recent gaming token market cap explosion.
Positive Market Sentiment
Cryptocurrency is known to be volatile, with the value of coins rising and falling sharply depending on factors like market sentiment. Currently, market sentiment for gaming tokens is strong and a growing number of gamers and individuals are starting to understand crypto’s place in video gaming and casino gaming.
One factor pushing market sentiment within the gaming token sector is the re-appearance of internet sensation and crypto expert, Roaring Kitty. Roaring Kitty is best known for his crypto advice a few years ago around the GameStop token. He is back at it once again, sharing news and information about GameStop. As Roaring Kitty positively affects the outlook for GameStop, other tokens within the gaming sector will follow suit, also benefiting from this positive movement.
While gaming tokens were relatively dormant for some time with little price movement, they are now seeing a massive push forward and experiencing a bull market. In fact, just over the last week, the market cap for gaming crypto tokens has increased by 11%, bringing the total market cap to over $30 billion.
Top Performing Gaming Tokens
With the value of crypto gaming tokens skyrocketing, investors are digging deep to see which gaming tokens are leading the way. Let’s explore a few of the top performers leading the market cap charge.
Notcoin Is Growing Quickly
Notcoin (NOT) is one of the main gaming tokens that is leading the way as crypto gaming tokens surpass a $30 billion market cap. NOT recently saw a staggering 135% increase in value, which has investors excited and eager to see what’s next. With this huge jump in value, NOT’s price is now placed at around $0.02187 per coin.
Alone, NOT’s market cap has reached over $2 billion. The large recent gains in value set NOT among the top 50 cryptos according to market cap value. Additionally, the coin is seeing 24-hour trading volumes of $1.8 billion, or higher, on average, which makes this top gaming token the ninth most traded crypto there is currently.
Why is Notcoin growing so quickly? The gaming token recently partnered with the popular messaging app, Telegram. Telegram is a messaging app with over 1.5 billion users, and the partnership between the app and the coin means that this huge audience now has easy access to buy, sell, and trade NOT. And, it appears, Telegram users are doing just that, which is one of the key factors leading to Notcoin’s rapid rise.
Notcoin and Telegram are currently offering play-to-earn games via the platform. This means that Telegram users can play crypto games via the app and earn real Notcoin tokens as rewards. A growing number of users are joining the fun, earning rewards, and in return, boosting the value of this coin.
Floki Is Steadily Gaining Traction
Floki is another popular gaming token making waves and growing in value. Although Floki’s climb has not been as swift as Notcoin’s, it has been steadily growing recently which has investors excited at its increase and slow upward growth patterns.
Floki has increased in value by over 64% in the past month and is now trading for around $0.000315 per coin. Floki’s recent boost in value can be partially credited to DWF Labs, who announced that they would be investing a whopping $12 million into the token. DWF Labs have done this before, and the outcome was similar. In February they bought $10 million of Floki coins, and the tokens saw a 50% increase in value after the purchase.
Growing Crypto Gaming Market
It’s clear that for now, the crypto gaming market is enjoying a bull market, with tokens like Floki and Notcoin leading the way. A main factor contributing to the rise of the gaming token market cap is market sentiment, with crypto enthusiasts, investors, and gamers all positive about the market and its movements at the moment.
With crypto games becoming more popular, a growing number of gamers are enjoying the fun and benefits of play-to-earn games, wagering at online casinos with digital currencies, playing decentralized finance (DeFi) games, and more. As more people start to explore and game using crypto, it’s likely this market will rise further in the future.
The huge amount of growth within the market is similar to what was seen in 2021 when NFTs and DeFi protocols caused markets to explode with interest from investors and gamers. However, this time around, instead of DeFi and NFTs, new tech from Ethereum is contributing to the buzz.
In fact, Ethereum’s new tech, which is called Account Abstraction, is moving the market upwards. In simple terms, Account Abstraction works to replace traditional wallets with Ethereum smart contracts. This should make the experience for users easier and more secure.
Conclusion
As a growing number of gamers opt for crypto games, tokens like Notcoin and Floki continue to rise, and new tech becomes available, like Ethereum’s Account Abstraction, it’s likely that gaming tokens will continue to see success within the market. While all crypto rises and falls, investors and gamers alike will hope that this bull market lasts for a while.
