Crypto Gaming Tokens Skyrocket: Axie Infinity, Ronin, and Illuvium Lead the Charge

28 November 2023

Video game-related crypto tokens have shown impressive gains in the past week. Axie Infinity (AXS), ApeCoin (APE), and Iluvium (ILV) are among the top performers within the top 100 cryptocurrencies by market cap.

Axie Infinity, the popular blockchain-based game where players can collect, breed, and battle digital creatures known as “Axies,” had a strong week, with a 12% increase in the last seven days, according to CoinGecko data.

Currently priced at $6.88, AXS reached a nearly six-month high over the weekend, peaking at $7.55. Despite the current price, AXS has seen a 35% rise in the past month. At the same time, fellow Axie game token Smooth Love Potion (SLP) has decreased by 9% in the past week but is still up by 17% compared to 30 days ago.

The surge in price can be attributed to a series of updates and announcements from Axie Infinity’s developer, Sky Mavis. Last week, the company announced the reintroduction of its original game experience, known as “Axie Classic,” which will run alongside the current version of the game.

Additionally, Sky Mavis launched its first official line of Axie merchandise, giving fans the opportunity to own physical versions of their favorite digital creatures. Moreover, the company announced that owners of rare Axie NFTs will now have commercialization rights, allowing them to turn their assets into commercial products.

But that’s not all – Axie Infinity’s Ethereum sidechain network, Ronin, has also been gaining momentum. The recent launch of Pixels, a new game on Ronin, has led to a surge in adoption for the network. As a result, the RON token, which powers the Ronin ecosystem, has more than doubled in price in November and saw a 27% increase over the past week to its current price of $1.06.

Outside of Axie Infinity, other video game-related crypto tokens have also seen a boost in the past week. ApeCoin (APE), tied to the popular Bored Ape Yacht Club NFT ecosystem, saw a 7% increase over the past week, reaching a high of $1.77 – its highest price in over three months.

Stepn (GMT), Illuvium (ILV), and Treasure (MAGIC) also experienced price jumps, with GMT rising by 11%, ILV by 9%, and MAGIC by a staggering 24% as the project announced it would launch its own blockchain.