- Arbitrum Arcade gameathon goes live on March 11, likely fueling the crypto gaming narrative.
- The eight-week-long gaming event features 24 games in the Arbitrum ecosystem.
- IMX, RONIN, BEAM, ENJ, ILV gaming tokens see prices rally on Monday alongside BTC gains.
Crypto gaming token prices surge on Monday. The Arbitrum Arcade gameathon event that launches on March 11 is likely driving the gains, fueling the gaming narrative in crypto. Bitcoin’s rally to $72,000 catalyzed gains in altcoins across several categories.
Also read: Arbitrum community passes proposal for Atlas to support Ethereum’s Dencun and other upgrades
Gaming tokens see gains as Arbitrum kicks off gameathon
Crypto gaming token Immutable (IMX), Ronin (RONIN), BEAMX (BEAMX), Enjin Coin (ENJ) and Illuvium (ILV) prices rallied on Monday. The gains in gaming tokens can be attributed to a broad crypto market rally as Bitcoin crosses $72,000 on Binance.
Ethereum (ETH) scaling solution Arbitrum’s Arcade gameathon goes live on March 11. The event is eight weeks long and will feature 24 games in the Arbitrum ecosystem. It is likely catalyzing gains in the ecosystem alongside Bitcoin’s rally.
The Arbitrum gaming ecosystem has been exploding on Arbitrum One, Nova, and the broader Arbitrum Orbit chain ecosystem.
— Arbitrum (,) (@arbitrum) February 27, 2024
We’re extremely excited to include:@aiarena_@AOtactics@BattleFlyGame@PlayBattlePlan@PlayBitmates@CosmikBattle@DininhoNFT@RuniverseGame@KaijuCards… pic.twitter.com/A9mbK3axRl
The event aims to offer a web3 gaming experience to participants and include projects from Arbitrum One, Nova and the broader Arbitrum Orbit chain ecosystem.
Gaming tokens IMX, RONIN, BEAMX, ENJ and ILV prices climbed between 2% and 9% on the daily timeframe.
Another key development in the gaming ecosystem is that entertainment giant Sony submitted a US patent application for “super-fungible tokens” for gaming. The PlayStation console series’ game developer submitted the application in 2022, and the documents became public in February.
Patent for Super fungible tokens. Source:Patentscope
The anticipation of further push in the gaming industry and higher demand for gaming tokens through gamethon and similar events could catalyze gains in the long term.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.