Is it a “buy the dip” opportunity for gaming tokens ApeCoin, Axie Infinity, SAND and FLOKI?


  • ApeCoin, Axie Infinity, SAND and FLOKI rank among gaming tokens that have dominated blockchain activity by 50% in January 2023. 
  • A report from DappRadar revealed that during the first month of 2023, blockchain gaming witnessed a massive spike in popularity. 
  • APE, AXS, SAND and FLOKI prices have declined since February 21, offering traders an opportunity to buy the dip. 

Blockchain gaming made up half of all activity from decentralized applications in January 2023. A new report by DappRadar revealed that the beginning of 2023 is bullish for gaming tokens like Axie Infinity (AXS), ApeCoin (APE), The Sandbox (SAND) and FLOKI. 

Also read: Why the crypto China narrative is not bullish for Bitcoin and Ethereum prices

Crypto gaming tokens Axie Infinity, ApeCoin, SAND and FLOKI present “buy the dip” opportunity

Blockchain gaming has gained mainstream popularity since the beginning of 2023. DeFi intelligence platform DappRadar published a report on February 21, 2023, outlining the spike in on-chain gaming activity. 

Daily Users on blockchain games have climbed to 858,621, making up 48% of January’s Dapp activity. 

Industry Unique Active Wallets

Industry Unique Active Wallets

The market capitalization of top gaming tokens has climbed 122% on average with GALA leading with a $384 million market cap. The trade volume of gaming tokens like AXS climbed 71%. 

What’s driving the surge in AXS, APE, SAND and FLOKI?

Axie Infinity price climbed from $6.04 to $10.43, since the beginning of January 2023. The surge in AXS’ popularity was driven by the introduction of a new concept called “Eras.” Season two of the game introduced players to the “Final Era,” and AXS holders turned bullish in response to the update. 

AXS price yielded 72% gains since the start of the year and the push in blockchain gaming has acted as a catalyst for the token. AXS nosedived from its local peak of $13.66 on January 23, since then the gaming token started a short-term downtrend. With the gaming narrative gathering steam, AXS has presented traders with a “buy-the-dip” opportunity. 

Metaverse gaming tokens ApeCoin and SAND offered holders nearly 5% gains over the past week. APE and SAND have room for climbing higher after the recent correction in the blockchain gaming tokens’ prices. 

Other bullish catalysts are ApeCoin’s surge in popularity due to the hype surrounding the Yuga Labs ecosystem and new partnerships for Sandbox in Saudi Arabia. In conclusion, the surge of the top gaming tokens is a very positive sign for the industry. The hype surrounding blockchain games and metaverse projects has grown in 2023, offering traders an opportunity to buy the dip. 


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


Recommended Content

Editors’ Picks

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. Bullish divergence on the RSI and the Awesome Oscillator indicators signal a potential reversal and upward movement in ZIL price in the coming days.

More Cryptocurrencies News

MATIC sets for a rally as Polygon Foundation confirms the migration date

MATIC sets for a rally as Polygon Foundation confirms the migration date

Polygon (MATIC) price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. The Polygon Foundation officially announced on Thursday that September 4 is the migration date for MATIC to POL.

More Polygon News

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million.

More Bitcoin News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million. On-chain data indicates oversold conditions for BTC, suggesting a possible market bottom.

Read full analysis

BTC

ETH

XRP