GameFi tokens were the best performers on Sunday as Bitcoin reclaimed the important $60,000 resistance point for the first time since August 14.
Bitcoin (BTC)’s recovery has led to gains in the cryptocurrency industry, with the total market cap of all coins rising 0.8% to $2.2 trillion.
A closer look at the biggest gainers shows that gaming tokens were the best performing coins on August 18. Mines of Dalarnia (DAR) formed a divine candle as it surged to a high of $0.218 — 115% above its lows this month. Its surge took its market cap to over $120 million.
Its rise occurred in a high-volume environment. Data according to CoinMarketCap It shows that the 24-hour trading volume increased by over 3740% to over $398 million. The majority of the trading volume was from Bitrue, followed by Binance. Mines of Dalarnia was also one of the most traded tokens on StockTwits.
Meanwhile, Alien Worlds (TLM), another gaming coin, surged 70% to $0.014, putting its value above $62 million. It’s up more than 120% from its low this month.
Gala (GALA) also rose for the second day in a row, hitting its highest level since August 4. Ronin (RON) rose more than 5% to $1.63.
According to CoinGeckoThe total trading volume of all GameFi tokens over the 24 hours has risen to over $2 billion while the market cap has jumped to $13 billion.
GameFi challenges remain
Despite the weekend surge, most gaming tokens have fallen sharply from their all-time highs as demand for the sector has waned.
Axie Infinity, which had a market cap of over $9 billion, has now dropped to just $715 million. Other tokens like Decentraland, Sandbox, and Gala have also lost billions of dollars in value in the past few years.
One of the main concerns among users is the volatility of reward tokens. For example, the price of Smooth Love Potion (SLP), used to reward Axie Infinity players, dropped from $0.3335 in 2021 to $0.029, a 99% drop.
Telegram mini apps that work on a click-to-earn system — Hamster Kombat, Notcoin, and TapSwap — are gaining millions of users, further disrupting the industry.