Pixel's Valuation Hits $3 Billion After Token Listing on Binance, Ronin Blockchain Rebounds
Summary:
Pixel, a top Web3 game, has seen its valuation rise to $3 billion following its token listing on Binance. Pixel migrated from Polygon to Sky Mavis's Ronin Web3 gaming blockchain in September, and today, there are over half a million wallets interactive with its platform. Despite the Pixel token's surge, its in-game Berry token has not seen the same success. The Ronin blockchain has also recovered since its devastating hack in 2022, with plans to integrate more games into its platform in the future.
Following its token offering on the cryptocurrency exchange Binance, Pixel, a leading Web3 game in terms of active daily users, has seen its value rocket to $3 billion. At the time the news was reported, Pixel's tokens, PIXELs, were being traded at $0.5385. This marks a striking 1,246% increase from their initial selling price of $0.04 on Binance last February 19. At this rate, the project has a diluted market cap of $2.65 billion. Pixel shifted from Polygon to Ronin, Sky Mavis' Web3 gaming blockchain, in September, drawn by its exclusive gaming clientele. DappRadar's figures reveal that 531,850 wallets are presently involved with this social community game, a 47.9% rise over the last month. Pixel is a relaxing exploration game where players can farm, explore, acquire land, and show off nonfungible tokens (NFTs) within their community. It's worth noting, though, that Berry, the game's internal token, has not kept pace with the surge of the Pixel token, resulting in a comparatively lower game transaction value.
The Ronin blockchain, which was severely impacted by a hack in 2022, has bounced back this year, with its token's value returning to pre-attack levels. The blockchain's total value locked now stands at $214 million, with Katana, a native decentralized exchange, accounting for 99% of the volume. On February 5, Binance listed the Ronin (RON) token. However, its price plummeted following an influx of insider purchases and subsequent sell-offs upon its listing. Following this incident, Binance's co-founder, Yi He, who is also the husband of former CEO Changpeng Zhao, promised that the exchange would enforce stricter internal controls to prevent information leaks by separating the listing and project research teams. In a conversation with Cointelegraph, Aleksander Larsen, Sky Mavis' co-founder, shared that Ronin will enable popular Web3 games to be incorporated into the Mavis Hub, a platform similar to Steam for curating games. This year, Larsen anticipates that 16 blockchain games will be integrated into Ronin.
Published At
2/22/2024 8:10:00 PM
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