Top Blockchain Gaming Tokens Plunge as Crypto Market Faces Macroeconomic Uncertainty
Leading blockchain gaming tokens linked to Immutable, The Sandbox, and Gala Games have seen sharp declines, dropping over 15% in the last 24 hours. This downturn follows a broader cryptocurrency market dip, triggered by macroeconomic concerns and recent tariff announcements by former U.S. President Donald Trump.
Gaming Tokens Hit Hard Amid Crypto Market Decline
The gaming token sector suffered one of the steepest declines among CoinGecko's category rankings, plunging 17% in the last day, while the overall crypto market fell by about 7%.
Immutable’s IMX token has dropped 16%, now trading at $0.82.
The Sandbox (SAND) fell around 15% to $0.39.
Gala Games’ GALA token saw an even steeper decline of nearly 17%, currently at $0.022.
Although these tokens have shown slight rebounds in the past few hours, they had experienced daily losses exceeding 22% earlier Monday. The widespread selloff follows increased market volatility spurred by economic concerns. Trump warned of potential economic hardship on Truth Social, which may have contributed to market anxiety.
Massive Liquidations Rock the Crypto Market
The latest crypto crash has led to more than $2.3 billion in liquidations, according to CoinGlass. ByBit CEO Ben Zhou suggests the actual figure could range between $8-10 billion. Among major cryptocurrencies, Ethereum (ETH) took the biggest hit, plummeting approximately 13% in the last 24 hours.
Gaming tokens tend to be particularly volatile, often behaving like meme coins due to their rapid price swings. Many of these tokens are built on Ethereum and its sidechains or layer-2 networks, which could explain their amplified losses.
Broader Impact on Gaming Tokens
Other prominent gaming tokens also suffered significant declines:
Ronin’s RON token and Axie Infinity’s AXS token each dropped by over 12%.
All gaming tokens within the top 400 cryptocurrencies by market cap are in the red, with most suffering double-digit percentage losses over the past day.
The current downturn in blockchain gaming tokens underscores the high volatility of the crypto market. As macroeconomic factors continue to drive uncertainty, investors should remain cautious. Stay updated on the latest trends in blockchain gaming and cryptocurrency markets for more insights into potential recovery opportunities.
