One of the largest Web3 games by daily active users, Pixel, gained significant momentum after its token listing on the cryptocurrency exchange Binance, approaching a valuation of 3 billion dollars. At the time of writing, the PIXEL token is currently trading at $0.5395, representing a 1,246% gain from its Binance listing price of $0.04 on February 19th.
Continued High Interest in Pixel
The project currently has a diluted market value of 2.65 billion dollars. In September last year, Pixel announced its transition from Polygon to Sky Mavis’s Ronin Web3 gaming blockchain network, citing its dedicated gaming user base as the reason for the move. According to data from DappRadar, there are currently 531,850 wallets interacting with the social community game, representing a 47.9% increase over the last 30 days.
Pixels is an adventure game that allows community members to farm, explore, own land, and feature NFTs. However, the protocol’s in-game token Berry, has not kept pace with the rise of the Pixel token, leading to a much lower value in terms of game transactions.
Ronin Ecosystem and the GameFi Space
Ronin blockchain network made a comeback this year, reaching its pre-hack highest token values after a devastating hack attack in 2022. Meanwhile, the total value locked in the blockchain network also rose to 214 million dollars, with 99% of the volume provided by the native decentralized exchange Katana.
On February 5th, the Ronin (RON) token was also listed on Binance, but it quickly fell after investors within the ecosystem started accumulating RON, and the price was driven down as the real token was quickly sold off after the listing. Following the fiasco, Yi He, the wife of Binance’s co-founder and former CEO Changpeng Zhao, announced that the exchange would implement stricter internal controls to separate the listing team from the project research teams to prevent information leaks.
Sky Mavis‘ co-founder Aleksander Larsen, in an interview regarding the matter, stated that Ronin would allow the integration of popular Web3 games into its game infrastructure protocol through its Steam-like platform, Mavis Hub. Larsen expects 16 blockchain games to join Ronin this year.
