Immutable Hits 20-Month High as Gaming Tokens Outpace Bitcoin Gains

Crypto gaming firm Immutable’s IMX token has surged to highs not seen since April 2022, rising 77% in the past month to roughly $2.35, per CoinGecko data.

IMX is up about 428% in the past year and has a market cap of over $3 billion, making it one of the biggest gaming-focused cryptocurrencies. It’s up 11% in the last 24 hours alone.

Immutable, publisher of the NFT trading card game Gods Unchained, has continued to sign games to its upcoming zkEVM network this year, rolled out its single sign-on wallet solution called Immutable Passport, announced a mysterious collaboration with Ubisoft, and saw a number of games using its blockchain and marketplace listed on the Epic Games Store.

While blockchain games remain a niche interest among the crypto-native, development has continued on a number of upcoming games using Immutable, like Shardbound and Guild of Guardians.

Other gaming tokens that have seen notable gains include Ronin (RON), which is up 6% in the past day and 96% in the past month; and Gala Games (GALA), which is up about 9% in the past day and 18% in the past month. 

This year, Ronin developer Sky Mavis has made a number of updates to its breakout play-to-earn game, Axie Infinity, while continuing to sign new projects like The Machines Arena, Zoids Wild Arena, Cyberkongz, and Pixels to its Ethereum sidechain scaling network.

While many Gala Games titles are still in development, the crypto gaming studio published Champions Arena, Eternal Paradox, Meow Match, and Legacy this year, to name a few.

The Sandbox’s SAND token is up about 8% in the past day and 24% in the past month. The voxel-style metaverse platform has continued to bring brands and celebrities to its game, adding experiences for Gucci and The Notorious B.I.G. this year.

Beam, Merit Circle DAO’s new gaming token, is up 131% in the past month and 13% in the past day, recouping some of the losses incurred after peaking at its all-time high price of $0.026 last week.

These gaming-focused tokens are seeing more substantial gains than Bitcoin, which is up less than 5% this week and 17% this month. It’s worth noting, however, that Bitcoin’s massive $862 billion market cap means it’s easier to see substantial gains (or losses) on smaller-cap tokens—but the trade-off is that smaller caps can be more volatile and are inherently more centralized than Bitcoin.

Edited by Andrew Hayward