Pixels Trading Volume Surpasses $1.2 Billion Few Days After Launch
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PIXEL was launched on Monday morning, but the new token has reached $1.2 billion worth of trading volume, according to CoinMarketCap’s recent data. A few days into its launch, it has now become one of the 10th most traded crypto tokens during the last day across the entire market.
This is considered huge, considering that more than 8,800 coins are being tracked by CoinMarketCap. The value of PIXEL is now 15% higher since it was launched.
PIXEL Outperformed Some Of The Popular Tokens By Trading Volume
It means that people traded PIXEL more than some of the most popular crypto assets, including Polygon, Cardano, Dogecoin, and Avalanche during the last day.
It’s also the most traded gaming token over the past day. The Arbitrum layer-3 gaming network token, XAI, is following PIXEL behind amongst the most traded tokens. According to CoinMarketCap, the XAI token has reached $278 million worth of tokens over the past day. And on Sunday, XAI reached a milestone after reaching an all-time high price one month after its launch.
No other token has surpassed $200 million in trading volume during that period. The RON token from the Ronin network that Pixel runs on, occupies the third spot with $150 million worth of trading volume over the past day. Over the weekend, Pixels announced a surprise airdrop and awarded 20 million PIXEL tokens to RON stakers.
Crypto gamers have awaited the launch of PIXEL for a long time. Player accounts have also been surging over the last few months after the project migrated to the Ronin network from Polygon last fall. The platform has also executed play-to-airdrop campaigns to gain more participants while rewarding about 28,000 of its top players.
Web3 Gaming Tokens Also Surge In Demand And Price
At the current price of $0.58 at the time of writing, PIXEL has surged by 15% since it was launched last month. Earlier on Monday, it rose as high as $0.69, before coming down to nearly 15%. With 771 million PIXELs in circulation, the token’s market capitalization is now $450 million.
The crypto gaming space is increasingly seeing a lot of participants and players. Gaming platforms and developers are also looking to ride on the wave to launch their projects. As cryptocurrencies regain their hype, there is now an increased demand for crypto and NFT-based games.
Many players are participating to receive various rewards in crypto tokens. Other Web3 gaming tokens are also surging in price. Web3-linked tokens like Illuvium, ApeCoin, and Axie Infinity have seen substantial increases since January, 2024.
