The gaming token PIXEL, associated with the blockchain-based game Pixels, has seen a remarkable surge in trading volume, reaching over $1.2 billion since its launch on Monday morning. This significant achievement places PIXEL among the top 10 most-traded cryptocurrencies on CoinMarketCap, outperforming established coins like Avalanche (AVAX), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) in terms of daily trading volume.
This achievement is particularly noteworthy as PIXEL becomes the most-traded gaming token in the market, far surpassing the $278 million trading volume of XAI, the token of Arbitrum’s layer-3 gaming network, which itself hit a new all-time high price on Sunday. No other gaming coin has reached even the $200 million mark in trading volume during this period, underscoring PIXEL’s exceptional performance in the cryptocurrency space.
Behind PIXEL and XAI, Ronin (RON), the network that supports Pixels, ranks third with $150 million in trading volume over the past day. This follows a surprise airdrop over the weekend, where Pixels awarded 20 million PIXEL tokens to RON stakers, further enhancing the token’s appeal and market activity.
The anticipation for PIXEL’s launch had been building among the crypto gaming community, especially as Pixels gained momentum with an increasing number of player accounts following its migration from Polygon to Ronin last fall. The game’s strategy of employing play-to-airdrop campaigns has successfully driven engagement and rewarded its top 28,000 players.
As of today, PIXEL’s price has risen by approximately 15% to around $0.58, giving it a market cap of $450 million based on the circulating supply of about 771 million PIXEL tokens. Although it reached a peak of nearly $0.69 earlier in the day, the price has since adjusted, reflecting the dynamic nature of cryptocurrency markets.
PIXEL’s impressive launch and trading volume highlight the growing interest in blockchain gaming tokens and their potential to rival more established cryptocurrencies. This development not only showcases the vibrant ecosystem of crypto gaming but also signals a broader acceptance and enthusiasm for gaming tokens within the digital asset market.
