Crypto Gaming Tokens Suffer Losses Amid Bitcoin Flash Crash

According to Decrypt, the recent Bitcoin flash crash, which saw the largest cryptocurrency by market cap fall roughly 7%, has also impacted gaming-related tokens. Immutable's IMX token, The Sandbox's SAND token, Axie's AXS token, and the GALA token have experienced drops ranging from 5-15% in the past 24 hours. Merit Circle's new BEAM token, ApeCoin, Stepn's GMT token, Enjin Coin, Parallel's PRIME token, and WAX have also seen declines. Over $550 million in crypto long positions were liquidated during the crash, as per CoinGlass data. However, not all gaming tokens were negatively affected. Axie's Smooth Love Potion (SLP) and Yield Guild Games' YGG tokens saw gains of about 4% and 11%, respectively, while Oasys increased by approximately 6.3%. Despite the current downturn, some gaming tokens experienced growth last month, with IMX hitting a 20-month high at $2.35 and GALA seeing 18% gains. Additionally, new tokens are set to enter the market, including the PIXEL token from the Ronin-based Pixels game, the PORTAL token as a universal gaming token, and MixMob's governance token, MXM, which is planning a token sale this month.