Gaming tokens crash as Bitcoin approaches $40,000 – but Ronin is on fire

The cryptocurrency market is in the red on Monday Bitcoin slide getting closer and closer to $40,000, and the largest tokens have fallen more than the average coin. However, the Ronin network's RON token is still enjoying a hot streak thanks to a weekend surge that took it near a two-year high.

According to data from Ronin has risen 34% over the past week to a current price of $2.32 CoinGecko, bringing RON into the top 100 cryptocurrencies. On Sunday, it rose as high as $2.52 – the highest price for the token since February 2022.

The ether Side chain The network is designed for gaming and was originally launched for Axie Infinity in 2021, boosting the rise of the monster fighting game play to earn Experience Billions of dollars generated from NFT Trading volume this year.

Developer Sky Mavis has gradually brought other developers on board and has found success pixela game migrated from the Ethereum sidechain to Ronin Polygon At the end of last year. Given the interest in the game and the excitement surrounding its play-to-airdrop campaigns, Ronin saw an increase in daily active wallets.

pixel ended its final play-to-airdrop campaign on Friday ahead of the upcoming launch of the PIXEL token, although the game will offer more in-game earning opportunities in the future. However, another Ronin game – Apeiron, a card-driven version of the “god game” genre – simple has launched its own airdrop campaign last week.

According to CoinGecko, RON is up 325% in the last year. But amid the bearish market, it is down about 3% in the last 24 hours, in line with the market average over that period.

Most gaming tokens saw a larger decline over time. ImmutableThe IMX token is down 8% today to $1.80 beam (RAY) and Gala games (GALA) are both down about 7%. Axie Infinity's own AXS governance token fell over 5% today during the SLP reward tokens in the game has fallen by 6%.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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